Sterling weakens further after a volatile start to the week, downtrend likely to continue in the short term (Joseph Wright)

AUDGBP: Australian Dollar Weakens in Worst COVID-19 Day Yet

Sterling has weakened once again versus the Australian Dollar, with the trading levels available to Aussie Dollar sellers becoming more attractive on a daily basis at the moment.

With regards to Sterling exchange rates today’s trading session has been particularly volatile, with the choppy trading conditions making it difficult to time transactions. This is where getting in contact with a specialist foreign exchange broker such as ourselves can help so feel free to get in touch.

The boost to the Aussie’s value has mostly been down to Sterling weakness as the Aussie Dollar hasn’t gained across the board, it’s just that the Pound is under increasing pressure at present and this has been reflected in the GBP/AUD exchange rate with the pair down almost half a percent at the time of writing, yet at one stage the pair were as low as 1.9064.

I expect this 1.90 level to be tested between now and the UK’s upcoming EU Referendum on the 23rd of this month, as I expect it to act as a psychological support level. Should it be breached I would be surprised to see GBP/AUD continue it’s decline into the mid 1.80’s due to potential ‘Brexit’ uncertainty, and then should the UK actually vote to leave, I think we’ll see a new annual low.

That being said I think anyone with an interest in the value of the Aussie Dollar should be aware of what ANZ bank had to say over the weekend. Analysts at ANZ believe the rate of economic growth will be half a percent lower than what’s generally expected, with their growth forecast at 2.5% as opposed to the expected 3%.

If you have an upcoming currency exchange to make between GBP and AUD feel free to get in contact with me (Joseph Wright) on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.