The Australian Dollar has been buoyed this week as Chinese GDP figures impressed and the case for an interest rate cut in the short term future is looking unlikely.
This positive news for the Australian Dollar has coincided with the added pressure on the Pounds value, and only now are we beginning to see signs that the Pound will attempt to stage a comeback as the currency had been falling almost daily for a couple of weeks now.
It appears that the GBP/AUD pair have some support at the 1.60 level although yesterday we did see the pair dip below this level for a short while, so those with a currency requirement involving the Pound and Aussie should be aware that the 1.60 level isn’t the strongest of support levels, and further downside is a possibility for the Pound.
With that being said, Westpac recently offered their own price forecast for the Sterling to Aussie Dollar pair and they expect it to remain around 1.60. If we’re to see the Pound stop falling and now become range bound, the timing of currency conversions suddenly become all the more important as a 1 cent difference can make a difference of 1000’s of Pounds/Dollars when converting large amounts of money.
This is where our service can be of use to clients as we help them with timings as well as offering award winning exchange rates.
If you are planning a currency exchange between GBP and AUD, it’s worth your time getting in contact with 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.