Sterling vs the Australian Dollar has risen dramatically over the last few days as the most recent opinion poll published by YouGov has shown that the Remain camp are leading with 44% of the vote compared to the Leave camp with 43% with the rest currently undecided.
Clearly the vote is too close to call but this change in sentiment has helped to strengthen the Pound against all major currencies including the Australian Dollar.
The Reserve Bank of Australia announced their latest set of minutes last night and there was no sign of an interest rate cut coming which has put a stop to Sterling’s rise against the Australian Dollar.
However, the main driver of exchange rates is down to the sentiment surrounding the EU referendum due to be held on Thursday with the votes due to be published on Friday morning.
I think if we see a Remain vote winning then I would expect Sterling to break past 2 against the Australian Dollar so if you’re looking to sell Australian Dollars into Sterling it may be worth trying to organise this prior to the result at the end of this week.
However, ultimately the vote is democratic and will be decided by the public so until the result is announced we could see big swings on the currency markets between Sterling and Australian Dollars so it is important that you’re in contact with your currency broker.
I have personally worked in the industry since 2003 and I expect to see more volatility on exchange rates compared to the Scottish referendum and various general elections during this time.
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]
I look forward to hearing from you.