The pound has been losing value significantly against the majority of major currencies. Current UK data releases are coming in well below par and it is taking its toll on Sterling. Things could however be set to get worse. The data releases coming out at present are actually pre-brexit, from June. We are yet to see the true extent of the damage caused by a vote to leave the EU. We will see July figures filter through in September and I think GBP/AUD could well be sat around 1.65. Current levels are the lowest in nearly three years for Sterling sellers. UK interest rates have already been cut by the Bank of England (BOE) form the already record low of 0.5% to 0.25%. Quantitative Easing (QE) was also introduced to the value of £60bn. Ian McCafferty a member of the monetary policy committee (MPC) has indicted that if figure continue to come in below expectations further economic tools could be utilised to stimulate growth. Simply put if you have to buy Australian Dollar it would be wise to move at current levels.
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