Since June 24th when the UK public decided leaving the EU was the best option the pound has slumped to the low 1.70s against the Australian dollar. However the pound has made back some losses today due to the confirmation that Theresa May will be the next Prime Minister. If you are looking to buy the Australian dollar with the pound I would recommend taking advantage throughout tomorrow trading period as GBPAUD is expected to fall.
This Thursday the Monetary Policy Committee from the Bank of England are set to meet to discuss interest rates. Governor of the Bank of England Mark Carney has eluded to potential cuts as early as this Thursday however I don’t believe this will be the case. Its more likely Theresa May will officially be announced this week and because of this the Bank of England will put things off until next month.
However Mark Carney’s press conference shortly after will give indication to future policy and this is when I believe we will see sterling weakness and therefore GBPAUD will fall.
Are you needing to buy or sell Australian Dollars in the upcoming weeks, months or years? If you are I can help!!!
The currency company I work for has won numerous awards for exchange rates therefore it enables me to trade Australian dollars at rates better than other brokerages and high street banks. I would recommend sending an email with a brief description of your requirements and your timescales (this is very important, the length of time you have will change your options) and I will email you with my strategy and the process of using our firstname.lastname@example.org. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn