The Pound has continued to fall against the Australian Dollar for the fourth day this week and the trend looks likely to continue for the rest of the week as Sterling has had one of its worst weeks this year against all major currencies.
Apart from the Brexit week I think Sterling has had its worst week all year against a basket of currencies as the Pound struggles owing to the issues caused by the announcement as to when Article 50 will be triggered.
Indeed, the UK’s economic data that has been published since the vote to leave the European Union has in the main been relatively strong so it is abundantly clear that the Pound is moving lower against the Australian Dollar owing to the uncertain political future between the UK and Europe.
In a report published by ‘TheCityUK’ they have suggested that up to 75,000 jobs could go if the UK opts for a ‘hard’ Brexit which will happen if the UK decides to leave the single market.
It has been suggested that the UK’s financial industry could lose as much as £38bn according to the report which has also caused the Pound to fall against the US Dollar to its lowest point in 31 years.
If you are in the process of moving to Australia and worried about where GBPAUD exchange rates may move over the next few weeks or months then you may wish to consider buying a forward contract which allows you to fix an exchange rate for a future date.
Having worked in the foreign exchange industry for 13 years I am confident not only of offering competitive exchange rates when buying or selling Australian Dollars but to also help with the timing of your transaction. For further information or for a free quote then email me directly and I look forward to hearing from you. Tom Holian [email protected]
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