It was a turbulent week for GBPAUD exchange rates. Highs reached 1.7790 and then finished the week at 1.7360. If you had managed to time a 200,000 Australian dollar purchase well this week you could have saved £2,785!
Looking ahead the Reserve Bank of Australia are set to make changes. Governor Glenn Stevens will give up the reigns and Philip Lowe will take his place starting Monday morning. Change causes volatility within the currency market, therefore there’s a chance the dollar could come under pressure in the upcoming weeks.
Lowe holds a PhD in economics and rumours suggest he may intervene and bailout the banking system which is exposed to an inflated housing market. It’s reported that the Australian household sector is the most leveraged in the world with debt equalling 125% of GDP. If the new Governor tries to make changes in the upcoming months to correct the housing market expect the Australian dollar to devalue.
As for the UK its been reported that Brexit talks could begin as early as February next year. If this is the case I expect the pound will lose further value against its counterparts.
If both currencies are set to devalue in the future you have to expect GBPAUD to rise and fall like we have seen this week. If you do not follow the markets and you are reading this article for information of when to trade, I want to help you time your transfer.
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 company [email protected]. Alternatively if you would like to discuss your requirements over the phone call 0044 1494-787478 and ask to be put through to Dayle Littlejohn.