Since the start of the year GBPAUD has dropped over 20 cents making a AUD400,000 purchase £22,000 more expensive.
The Pound has been plummeted of late due to fears of the UK leaving the European Union and negative press coming from UK Prime Minister of late. The Australian dollar has also been benefiting from China’s spending spree.
Data releases this week
Tuesday is the latest inflation figures for the UK. I expect a slight rise consequently the Pound should make gains against the Australian Dollar.
Thursday morning Australia is set to release their latest Unemployment rate numbers. Unemployment rate dropped last month and I wouldn’t be surprised to see this trend continue and therefore the Australian Dollar strengthens.
The Bank of England also releases their latest Interest Rate decision Thursday. I expect the vote to be released at 9-0 and therefore the decision to be a non-event. Shortly after Governor Mark Carney will address the public and I believe he will discuss the potential risks of a ‘Brexit’ and therefore GBPAUD could fall.
For people buying Australian Dollars with sterling this week, it looks like earlier in the week (Monday/Tuesday) will provide the best exchange rates. Where as if you are selling Australian dollars to buy sterling trading after Thursday would be my strategy.
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].
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