GBP/AUD rates of exchange have had a roller-coaster day but have ended at the close of play for European markets with almost no difference to how the day began!
Is this a sign that Sterling is beginning to recover? It’s unlikely.
The high of the day on the central level was 1.946 and the low was 1.929. Even with the news released concerning a heavily contentious referendum more than 4 days behind us, it still seems that Sterling is struggling to correct itself back upwards.
As a comparison Sterling is heavily down against other commodity based currencies such as the Canadian Dollar and the New Zealand Dollar. The Australian Dollar is the only one holding slightly steady because their is a large British expat population over there who have been waiting to buy Sterling at more favourable levels with their Dollars. This steady flow into Sterling now is what is keeping its value afloat against the Dollar.
The question after the events of today is how long this financial flow will balance the sheer anxiety over Sterling which will be prevalent until the referendum itself in June?
The giant question mark over the status of the UK’s financial future will continue to make the Pound an unattractive prospect, and the time periods involved make it likelier we may be seeing larger falls.
I strongly recommend that anyone with an Australian Dollar buying requirement should contact me on [email protected] and we can discuss a strategy for your transfer in order to maximise your Dollar return.
The current buying levels can be fixed for up to a year if you do not require your Dollars until a later date, allowing you to avoid the expected pitfalls in the markets as we edge closer to a vote.
Australian Dollar sellers can do the same, and we can discuss how best to safely ride any expected movements to their conclusion within the time-frame you have to complete your transfer. 01494 787 478