The GBP/AUD exchange rate is back hovering around the 2.10 mark after a much better week last week for anyone looking to buy Australian Dollars in the coming weeks and months.
Following a powerful charge by the Australian Dollar just over a week ago and a movement back down to 2.03 we have seen a solid fight back from the Pound and even hit a level of 2.12 late last night.
The Chinese concerns are one of the major factors impacting the strength of the Australian Dollar as Australia has such strong trade links with the country, and should the Chinese problems not resolve themselves quickly then we may well see further Australian Dollar weakness this week.
In my most recent report I commented that I feel China will be a huge talking point in early 2016 and that a lot is being swept under the carpet until the festive season is out of the way.
With this in mind I still feel we will see better buying levels against the Australian Dollar than we have now in the coming weeks. If I had Australian Dollars to sell then I would approach this with caution, we saw the Australian Dollar weaken by 10 cents in one day last time China hit the headlines and we saw ‘Black Monday’ this is a difference of over £4,300 per 200,000 exchanged into Pounds.
If you are looking to carry out an exchange involving Australian Dollars being converted to or from any major currency then feel free to email me (Daniel Wright) on [email protected] with a description of what you would like to do and I will be more than happy to call you to explain how I can make sure you maximise your exchange rate.