Sterling vs the Australian Dollar has now hit its lowest level to buy Australian Dollars since summer 2013 as Article 50 talks hit the headlines. Prime Minister Theresa May officially announced recently that the UK will invoke Article 50 by March 2017 and since the announcement this has sent Sterling into a bit of tailspin against the Australian Dollar.
The Pound is now close to historic lows vs the US Dollar and as the UK imports so much from overseas this is likely to start having a big effect on the cost of goods and services in the UK.
This is also causing problems for the Pound against all major currencies as this is likely to have a longer term effect on UK inflation, something the Bank of England has at the top of its agenda.
The Australian Dollar has now strengthened against Pound to its best level to buy Sterling in 3 years and we could see GBPAUD rates continue to fall to below 1.60 before the end of the week.
Over the next few days we have a number of Chinese data announcements including Import and Export data as well as Chinese inflation and as China has such a big influence on the Australian Dollar if the data is positive this is why I think we could see GBPAUD rates fall below 1.60.
Indeed, with UK economic data doing little to help to Sterling until the UK sorts itself out politically then we could see rates drop further.
Having worked in the currency industry since 2003 I am confident of not only offering you better exchange rates than using your own bank to buy or sell Australian Dollars but also to try and help you with the timing of your transfer.
If you need to make a currency transfer and want more information or for a free quote then contact me directly Tom Holian [email protected]
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