Over the past few weeks Sterling has been making greater and greater gains against the Australian Dollar (as well as most major currencies recently). Due to a potential Grexit, the amount of money that has been moving out of the Euro into ‘safe haven’ currencies such as the Pound is difficult to comprehend. Alongside this, a drop in the price of iron ore has seen GBP/AUD extend further than with other currencies paired with the Pound.
However, today a lot of the artifical value accrued in Sterling recently finally began to deflate, and it did so dramatically. As the title above states, it was a staggering 3 cent move in a single trading day. Positive moves forward in the Greek talks have encouraged a lot of the capital to move out of Sterling and back into the Euro, which is why we are presented with better selling opportunities for the Australian Dollar currently.
With these rates largely based on a volatile political climate, it is best to play it by ear if you have an exchange approaching. Contact me overnight on [email protected] to discuss how to stay in touch and maximise the return on your transfer in this period.