GBP/AUD at the mercy of “Brexit” Polls (Daniel Charles Johnson)

Will Sterling Weakness Continue to Help the AUD to GBP Rate Improve?

Usual economic data fades in to the ether at present. The key factor in any GBP/AUD trade is the EU referendum. Keep an eye on the polls and the book makers odds. The poll which seem to be causing the most movement in the market is the ICM online and phone polls commissioned by the Guardian. The latest of which has the Leave camp in front at 53%. The book makers also cut odds on remaining in the EU, with it now looking almost 50/50.

Keeping this in mind, if you have a large currency requirement hedging is the sensible move. Usually I would differentiate between buying and selling the Aussie, but on this occasion both trades have the same risk. To gamble on which way the referendum will go takes unparalleled bravery or stupidity. You would not catch me walking up to a roulette table with  £200k + and putting everything on red. If you are betting on trading after the referendum judging on current polls this is literally what you are doing.

If you do not have funds available until after the referendum, there are contract options available to you which enables you to limit your risk. A time option contract enables you to buy now and pay later, it  requires a 15% deposit. The time option is proving very popular at present, especially with those committed to purchasing a property in Australia during these volatile times. If you require further information on how this type of contract works please do not hesitate to get in touch.

If you have a currency requirement I will be happy to assist. I will not only endeavor to beat any competitors rate of exchange, but also provide an individual trading strategy to try and maximise your return. I work for Foreign Currency Direct, one of the top brokerages in the UK and as such can consistently get the best rates in the market. If you would like to get in touch for a free, no obligation quote you can e-mail me at dcj@currencies.co.uk.