Sterling vs the Australian Dollar has continued to improve this week as the Pound advances against all major currencies since the UK bank holiday break.
Since falling below 1.70 earlier this month the economic data that has been published recently has come out better than expected.
The next catalyst for movement between Sterling and the Australian Dollar is likely to come on Friday afternoon when the US release non-farm payroll data.
The US economy has been going from strength to strength recently and non-farm payroll data can be and often is the biggest economic influence in a month as it is inherently difficult to estimate.
The reason why this could heavily influence GBPAUD exchange rates is because if the US Federal Reserve hint at possibly raising interest rates later this year this could encourage global investors to sell the Australian Dollar which could result in Sterling strength vs the AUD$.
If you’re worried about the implications of what may happen over the next few weeks then it may be worth looking at buying a forward contract which allows you to fix an exchange rate for a future date for a small deposit.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian [email protected]
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