The pound to Aussie is looking very tasty once again for anyone looking to buy the Australian dollar with sterling. The longer term prospects for the UK are looking more favourable than the economy down under helping the pound to find further support. The rate is of course not quite back to the eye watering heights of the summer but small changes in Chinese economic policy have created a bit more demand for the Aussie dollar. Investors will buy and sell the Aussie according to sentiments over the Chinese economy and global risk, currently the Chinese economy is on the wane which is one of the big reasons behind the Aussie decline in recent years. A further big factor on the AUD has been the prospect of the US raising their base interest rate, investors who have previously been holding funds in the AUD to capitalise on their interest rate are now selling AUD to buy USD as they believe longer term this will benefit them!
I feel therefore if you need to sell AUD moving sooner rather than later is the best option to avoid uncertainty and further losses! For those looking to buy AUD with the pound further opportunities may very soon present themselves with the Unemployment data this Thursday. Unemployment has actually been one of the better areas for the Australian economy but I think this release could actually upset the current favourable market. If you have any transfers to consider buying or selling Australian dollars please speak to me Jonathan by emailing [email protected]