It’s been another bad day for clients holding onto the pound hoping for better rates of exchange when buying Australian dollars. GBPAUD has dropped from the 1.69s this morning to the mid 1.67s at the close trading.
The reason for the fall in sterling value is due to Theresa May’s announcement that Article50 will be invoked early next year. Furthermore UK Chancellor Philip Hammond addressed the public today and stated the Brexit vote is going to cause turbulence and business confidence will be like a rollercoaster. All in all its not looking promising for the UK and the more developments that come to light could continue to weigh down on the pound.
Looking ahead the Reserve Bank of Australia are set to release their latest interest rate decision in the early hours of tomorrow morning. No change is expected as new Governor Philip Lowe has stated he doesn’t want to keep cutting rates to keep the economy stimulated, and he wants to use other measures. It will be interested to see what he actually means by this. I expect the interest rate decision to be a non event!
If you are trading GBPAUD this week, month or year I would recommend emailing me with the the reason for the transfer (company goods, property purchase) and your timescales and I will response with my forecast and the options available to you [email protected]. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.
** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands! **