GBP/AUD is still trading below 1.70 despite some better than expected Inflation Data out of the UK yesterday giving the Pound a boost.
The Pound has been under considerable pressure ever since the ‘Brexit’ vote with GBP/AUD levels falling to 3 year lows, making it a great time to repatriate Aussie Dollars back into Sterling as it’s been some time since Aussie Dollar sellers would receive this many Pounds for their Australian Dollars.
The Pound has been under additional pressure since the 4th of August, which was the date that the Bank of England’s MPC (Monetary Policy Committee) announced that it would be cutting interest rates down to 0.25% and also introducing an additional £80bn worth of Quantitative Easing through its debt buying scheme.
This additional amount of Pounds in circulation coupled with the negative sentiments towards the Pound at present have piled further pressure on the Pound, pushing the GBP/AUD pair below 1.7000 and as low as 1.67462 towards the back end of last week.
Inflation Data out of the UK yesterday came out slightly better than expected when we look at the figures on a yearly basis, and although it has pushed the Pound up somewhat the GBP/AUD pair are still trading below 1.7000 which is a key psychological level that could act as a ceiling as today’s high is 1.7007 so far which would imply that the level is acting as a resistance so far.
If you would like to discuss your upcoming currency conversion involving AUD and GBP, and would like to ensure you’re getting the best rates possible, feel free to contact me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.