After an almost one way trend for GBP/AUD exchange rates the steady upward trend for Sterling was well and truly halted today, as the pair fell by over 1.5% at one stage.
The low of the day was 2.0016 and I expect the markets to keep a very close eye on the 2.00 benchmark, as I expect it to act as a support for Sterling. Should that level be breached I wouldn’t be surprised to see GBP fall irrespective of voting patterns in the UK or interest rate talk from the RBA, and I think we could see GBPAUD levels trend back towards 1.95.
The recent rise for Sterling has been tied to the voting patterns by the British public regarding next months EU Referendum, and today it was those patterns that moved the market once again although this time it was in the opposite direction.
With the polls up until today suggesting a strong lead for the ‘Remain’ campaigns, GBP had been strengthening as this news was met well by the market with investors gaining confidence in the Pound as the UK’s future was looking more certain. Today threw a spanner in the works though as this afternoon the Guardian announced a recent telephone poll they carried out indicated that the ‘Leave’ campaigns are now leading, and this spooked markets.
I expect the sharp turns to continue in the lead up the Referendum on the 23rd of June. If you have an upcoming currency requirement involving both GBP and AUD, I think it’s worth your time getting in contact with me (Joseph) on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible, and feel free to call me on 01494 787 478.