Since the UK decided to vote out of the EU, GBPAUD exchange rates have dropped 30 cents which makes a 200,000 Australian dollar purchase £17,000 more expensive. The golden question many of my clients are asking is ‘will the pound continue to fall, or is it a matter of time until GBPAUD starts to make its way back towards 2?’
Personally I believe exchange rates will get worse for Australian dollar buyers before they get better. Post referendum UK economic data in the form of PMI showed a major decline which led to the Bank of England’s interest rate cut. The Bank of England’s stance was very dovish and the Governor Mark Carney even eluded to future cuts which I would expect to weaken the pound further.
If you are buying a large amount of currency for the first time its important to understand the market does not move in straight lines. As I have stated I believe over time GBPAUD will fall however there will be potential spikes in the market for Australian dollar buyers.
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