With the recent shifts in sentiment on the Australian dollar and sterling, GBPAUD levels have dipped to rates not see since July. Further uncertainty over the UK economy and improvements in Australian and Chinese data could easily help the rate to climb further to 2 or 0.5 on AUDGBP. Exchange rates to buy Australian dollars had risen to multi year highs this year as economic uncertainty in Australia and China combined with high expectations over sterling to present very close to more ‘historical’ rates.
With the recent changes in sentiment sterling is crashing and the Australian dollar is finding favour. It is not all plain sailing and Chinese Import data overnight showed imports falling by 17%. However I believe the worst fears surrounding the Australian economy will not be realised and that the overall strength of the Chinese economy will keep the Australian dollar supported.
Further improvements on the rate for AUD sellers look like a strong possibility and if you are looking to exchange AUD for GBP current rates represent a very good much improved opportunity. I think the current rally which has taken us to this point is likely to persist and think if you need to buy AUD moving sooner rather later will be best. AUD sellers might wish to hang just a little bit longer to see what happens tomorrow and Thursday. Tomorrow is UK Unemployment, Thursday Australian Unemployment data.
If you need to move any funds internationally I am here to assist with a rate which I am positive will save you money over the competition plus offer assistance with the timing and planning of any deal as well. For more information please contact me Jonathan on [email protected]