Sterling has fallen recently against the Australian Dollar as the fears ramp up of a potential Brexit when the UK votes on the EU referendum whether or not to Remain or Leave the European Union.
This has caused the Pound to fall against all major currencies including against the Australian Dollar. This has presented some excellent opportunities to sell Australian Dollars into Sterling but to me I think those could be short lived.
I personally expect the UK to vote to Remain and we’ll know the outcome hopefully by next Friday morning. I expect the voting to be relatively close and although many would argue that the Leave vote may win owing to the opinion polls you’ve got to also bear in mind how many people are being polled.
The polls are very small in number and when you think there will be millions of Brits voting next week to decide our political and economic future with the European Union things could be very different.
If we do decide to vote to Remain I would anticipate Sterling rallying very quickly against the Australian Dollar and we could see GBPAUD rates break past 2 by late next week as to me Sterling is currently undervalued against the Australian Dollar.
The Reserve Bank of Australia cut interest rates recently and I think there will be more to come in the near future and whilst the uncertainty of their own elections carries on this is likely to have a weakening effect on the Australian Dollar as we head into July. Potentially good news if you’re looking to buy Australian Dollars with Sterling.
If you have a currency transfer to make and are worried about next week’s events then contact me directly for a free quote. Having worked in the industry since 2003 I can assure you of competitive exchange rates and also work out a strategy to try and help maximise the saving by helping you with the timing of your currency purchase.
Contact me directly Tom Holian [email protected]