Today is expected to be a more volatile end to the week for Australian Dollar buying rates, GBP/AUD, than the relatively gradual movements we have become used to expecting to calmly enter the weekend.
The slides since the start of the year have been prolific, yet recently we have hit a small area of resistance around the 1.85-87 mark with a quiet end to March causing smaller movements on GBP/AUD exchange rates.
Today this may finally change. Today will see a double impact on the Pound of some poor manufacturing and production figures which are expected to contract this month, as well as a Prime Minister who is trying to keep his head above water.
The headline news in the UK has been about the recent steel crisis with Tata Steel trying to relieve themselves of their business ventures in the UK. This caused dramatic effects on the Pound’s value across the board as this was seen as almost a vote of no confidence for the UK to be able to turn around its current issues with stagnating growth any time soon.
Should this industrial and manufacturing data come in and reflect a further contraction, this will likely deter buyers for their underperforming holdings, which will further worsen confidence in the UK economy and therefore the Pound. We may see almost instant slides on GBP/AUD later this afternoon.
Furthermore 4 consecutive days of embarrassment for a PM, who is seen as the leader of the Remain campaign, has continued to make markets nervous about an impact on the ability for the Remain camp to connect with voters and avoid a Brexit.
I strongly recommend that anyone with an Australian Dollar buying requirement should contact me on 01494 787 478 and ask the reception team for Joshua to discuss a strategy for your transfer in order to maximise your Australian Dollar return.
I have never had an issue beating the rates of exchange offered elsewhere, and these current levels can easily be fixed if you do not require your Australian Dollars until later in the year in order to avoid the expected falls preceding the beginning of next week, and indeed the coming weeks and months as we edge closer to the Referendum.
A brief conversation could save you thousands of Pounds, and anyone hoping to sell Australian Dollars can also contact me to discuss the safest way to ride the expected movements in your favour to any peaks which emerge within the time period you have to complete your transfer. [email protected]