The rate to buy Australian Dollars with Sterling has hit its lowest level for 3 years as the Reserve Bank of Australia has decided to keep interest rates on hold last night. There was a small chance that the RBA would cut interest rates but they chose not to which caused the Australian Dollar to strengthen vs the Pound.
Today we have seen the Australian Dollar drop to its lowest levels since summer 2013 which is good news if you’re looking to convert Australian Dollars into Sterling.
The Pound has also really struggled against the Australian Dollar since the news that Prime Minister Theresa May will look to trigger Article 50 by March 2017. The uncertainty of whether we’ll have a ‘hard’ or a ‘soft’ Brexit is also causing concern for the Pound and confidence has fallen and we are seeing the Pound fall against all major currencies.
We have hit the lowest level to convert GBP into USD in 31 years and now a 3 year low to convert GBP into AUD.
During September it was also confirmed that Australia has celebrated a total of 25 years of uninterrupted growth as the economy managed to avoid recession due to their heavy reliance on China.
If you are thinking of moving to Australia in the future and are concerned about the market continuing to fall then it may be worth considering a forward contract which allows you to fix an exchange rate for a future date.
Having worked in the industry since 2003 I am confident of not only offering you competitive exchange rates but to also help with the timings of your currency exchange. If you need to buy or sell Australian Dollars and would like further information or a free quote then contact me directly via email and I look forward to hearing from you.
Tom Holian [email protected]
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