The Pound vs the Australian Dollar has improved dramatically in recent weeks after the recent interest rate cut by the Reserve Bank of Australia as well as the announcement of the election due in just a few weeks.
With the UK struggling to deal with the uncertainty of what may happen on 23rd June when the UK decides its future about whether to Remain or Leave the European Union this is clearly causing problems for Sterling.
However, Sterling has actually improved against the Australian Dollar during this time as it appears as though the Australian Dollar is struggling more than the British economy.
This weekend Malcolm Turnbull’s recent budget has been challenged about their ability to charge company tax and this could according to some analysts cause a black hole of AUD$8 billion in revenue.
This is clearly not a good sign for both the Australian economy as well as the current government and this is likely to add to the uncertainty causing the Australian Dollar to weaken against the Pound.
This could be further good news for anyone looking to exchange Sterling into Australian Dollars.
On Wednesday Australia releases its latest set of GDP figures and with the prediction due for 2.7% year on year I think we could see them miss the target which could see Sterling break past its recent highs vs the Australian Dollar. Australian Retail Sales, Import & Export data is due for release on Thursday and I think overall the Australian Dollar is set for a difficult week ahead.
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]