Sterling vs the Australian Dollar has had a very difficult week falling by as much as 3% since Monday’s trading session.
GBPAUD rates were trading above 2 only just a week ago but Sterling has had a torrid time against all major currencies.
Indeed, Sterling is close to its lowest level since Spring 2015 providing some very good opportunities to buy Sterling with Australian Dollars.
On Tuesday night the RBA meets to discuss its latest interest rate decision and although I think an interest rate cut will happen at some point in the near future I don’t think we’ll see any change next week.
The Australian economy is clearly showing signs of a big slowdown particularly in the oil and gas industry but the political arena for the UK is what is causing the big problems for Sterling at the moment.
The referendum concerning the UK’s decision to stay or leave the EU has caused falls for the Pound and with four months until the vote takes place this could weigh heavily on Sterling.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian [email protected]