Buying Australian Dollar rates, GBP/AUD, have been seen with a brief period of stability last week, halting the continued fall which threatened the 1.60’s. We seem to be in a ‘limbo’ on the value of the Pound following the Brexit vote.
Without a firm timeline on when the UK are set to enact Article 50 (the official beginning of the exit process), the Pound is likely to struggle on financial markets. Even fantastic industrial production figures for the UK (the best in 6 years) had almost no net impact on the Pound’s value last week.
Anyone planning a transfer into Australian Dollars over the next few months and wish to try to time their transfer to make the most of the current market, would do well to put them in the shoes of an investor.
There is quite a lot at stake in the current leadership battle to be the next Prime Minister between Theresa May and Andrea Leadsom. One seems primed to begin the leave process straight away, whilst May is saying it would be prudent to wait at least a year.
With such a large and unknowable factor between now and September, why invest in the Pound now? Is it not better to wait until after the vote itself?
As such, without much demand for the Pound if the above consensus in the market continues to play out, rates to buy Australian Dollars will likely remain stagnant or fall, rather than recover.
This is particularly true in the short-term, given that the Bank of England seem likely to cut interest rates on Thursday and the current political uncertainty in Australia is moving in a positive direction.
I strongly recommend that anyone with a buying Australian Dollar requirement should contact me on [email protected] to discuss a strategy for your transfer in order to maximise your Dollar return.
The current volatility in the exchange markets still has an average difference between the high and the low of the day on GBP/AUD of over two cents, so even a well timed transfer ahead of Thursday BOE interest rate decision could save you thousands.
I have never had an issue beating the rates of exchange offered elsewhere and Australian Dollar sellers can also reach out to discuss the options open to them to catch the market at any tempting peaks which emerge in the timeframe you have to complete your transfer.