Since the beginning of February, week by week the GBPAUD exchange rates have continuously dropped. February 1st GBPAUD was 2.04 and not even two months later rates have dropped 16 cents and finished last weeks trading at 1.88. For clients buying Australian Dollars for properties or business transactions a €400,000 purchase will now cost you £16,000 more today than at the begging of February.
Below is a list of reasons GBPAUD has dropped:
- The Pound has fallen in value over the last two months due to David Cameron announcing the UK will hold a referendum in regards to EU membership
- Mayor of London pledged his elegance to the ‘Out’ campaign
- George Osborne latest budget was heavily scrutinised leading to his own Pension secretary resigning
- Carry traders have moved their assets away from the Euro due to the terror attacks in Brussel’s and into currencies with high interest rates such as the Australian Dollar.
Its a quiet week for economic data for the Pound and Australian Dollar. A key data release to note is the revised UK GDP numbers Thursday morning. With cuts made to the budget two weeks ago and the UK economy appearing to show cracks I wouldn’t be surprised to see this figure revised down leading to sterling weakness. Further to this the more we hear about a ‘Brexit’ over the upcoming two months, the more pressure the Pound will come under and therefore GBPAUD will continue to slide.
The currency company I work for enables me to achieve clients up to 5% better exchange rates than the high street banks and other brokerages. I specialise in property purchases and sales. Therefore if you are buying or selling a property and want to save money by achieving the best possible exchange rates but also want help in timing your transfer, get in touch by emailing me on [email protected].
The more information you provide me, the more information I can provide you, I require, your name, brief description of requirement, amounts, your budget, timescales, telephone number and convenient time to call.
PLEASE NOTE DUE TO THE MARKETS BEING CLOSED FOR THE BANK HOLIDAY WEEKEND, I AM OUT OF THE OFFICE UNTIL TUESDAY MORNING. HAVE A GREAT EASTER BREAK AND I LOOK FORWARD TO SPEAKING WITH YOU THEN.