Sterling finds support helping GBPAUD rise!

Australian Dollar Forecast Set for Bleak End to 2020

GPBAUD rates are looking very attractive once again much against the grain of the current sentiment on the pound. Essentially the pound has been boosted by the lack of any worse news and some slightly better than expected data. The Aussie has been drifting lower too as markets keep a loose eye on the future chance of any rate cuts although personally I wouldn’t be too excited about what we see next for the rates. Whilst GBPAUD might test 1.75 I would be very surprised to see it hit 1.80 again in the short term and feel as we hit September and October when we start to hear further news on the UK economy the pound will come under renewed pressure.

If you have a transfer to consider buying or selling the Australian dollar versus the pound then making some plans in advance and understanding all of your options is key to helping to get the best prices. A Forward contract allows you to fix a rate on currency for up to 18 months in the future. This means for a small deposit you can fix current levels for payment down the line. So imagine you are selling an Australian property and moving back to the UK but don’t expect to complete for 6 weeks. For small deposit in GBP or AUD you can guarantee the rate today for when you receive the funds in the future. This also works for clients buying Australian dollars too, if you have a transfer in the future making plans in advance can save you a lot of money and also the time and hassle of worrying about exchange rates.

If you are buying or selling Australian dollars for pounds then understanding the market and all of your options is key to getting the best deals. For more information at no cost or obligation please fill in the form below or alternatively email me on jmw@currencies.co.uk

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