GBPAUD rates have slipped from the highs recently seen to now below 1.70 as predicted here earlier this week. Many clients I spoke to this week questioning when to move on their Australian dollar purchase have thanked me for the help to move sooner. Whilst the rate is flirting with 1.70 we might yet see some further improvements for AUD buyers but a steady decline in the value of the pound seems likely whilst so much political uncertainty clouds the UK. If you have a currency transfer to consider involving the pound and Australian dollar then making some plans sooner rather than later seems to me very sensible in the current market.
The projections on the currency were dealt some light this week with the new appointment of a new Governor at the Reserve Bank of Australia Philip Lowe. He seemed fairly positive in his commentary around the state of the economy suggesting that the falls in mining and commodity industries in the Australian economy may have bottomed out and that the future might not be so bad. He suggested that the split between raising or lowering rates was 50 to 50. This means there could be a fairly choppy move forward on the AUD as investors scramble to make sense of any plans.
If you have a transfer to consider involving buying the pound or Australian dollar then making some plans in such a clearly uncertain market is sensible! I am Chief Analyst and Associate Director at one of the UK’s largest privately owned currency brokerages with close to ten years experience looking after and managing both private clients and business clients foreign exchange transfers. Now is the right time to be looking to make a plan if you have a currency transfer pending, for more information at no cost or obligation please speak to me Jonathan on [email protected]