Sterling has fallen to its lowest levels to buy Australian Dollars since early May after hitting a 4 month high only a fortnight ago.
Sterling continues to wobble owing to the uncertainty surrounding the Brexit vote and with just 2 weeks to go before the UK decides to vote on its future and its relationship with the European Union things could get worse for the Pound.
I personally still believe that the UK will vote to Remain but the recent opinion polls have all been in favour of the Leave vote.
Indeed, over the last two weekends the Guardian published a poll with 45% vs 42% in favour of Leaving and the Telegraph from last weekend had the Leave vote will 69% in favour of a Brexit.
Whilst the uncertainty continues this is likely to cause problems for Sterling exchange rates and during Friday’s trading session we saw Sterling fall even further against the Australian Dollar.
The Australian banking sector will be closed for business with the celebration of the Queen’s birthday but we are still open for business and will be able to assist your with your foreign exchange requirements on Monday.
Chinese Retail Sales as well as Industrial Production data are due to be released on Monday and as China is Australia’s biggest trading partner any positive data could see even further strength for the Australian Dollar vs Sterling.
However, in light of all this once we get past the 23rd June if we vote to Remain I think we’ll see Sterling begin to recover against the Australian Dollar. Therefore, if you’re thinking of selling AUD into Sterling it may be worth your while organising this prior to 23rd June.
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]