GBPAUD rates have failed to completely collapse but the outlook does in my opinion not bode well for AUD buyers. The market perception is of further losses for sterling which would make buying AUD more expensive. If you have a transfer to buy AUD in the future then I would suggest getting something done sooner than later or on any spikes in your favour.
Sterling has been in the doldrums ever since the vote and with the market looking ahead it is unlikely there will be a quick sudden reversal of fortune. Most analysts expect the pound will weaken further as we learn of more news surrounding the triggering of Article 50. If you need to buy or sell Australian dollars making some plans in advance could literally save you thousands.
Next week is lots of important news notably the Australian Interest Rate decision and policy statement. Many commentators are tracking the new Governor Lowe’s speeches for signs of his approach to lowering Australian interest rates. If you have a transfer to look at in the future making some plans ahead of next week’s decision could be very sensible since there are no guarantees on exchange rates and we could see some surprises. Next week is also the start of a new month so that means a whole list of new Australian and British economic data to move the market.
Sterling remains under pressure which could create further issues for clients looking to buy AUD with sterling. The Aussie is also a little stronger on expectations of less interest rate cuts under Governor Lowe. If you have any transfers and wish for some useful information on events to move your rate please speak to me Jonathan by emailing [email protected]
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