The Pound vs the Australian Dollar has continued to struggle recently hitting below 1.60 on the Interbank level on a number of occasions during the last week. The Pound is under severe pressure against all major currencies since the vote to leave the European Union and this has seen a fall of over 40 cents between GBPAUD exchange rates in the last 4 months!
During October the Pound has fallen even further against the AUD as the unstable political landscape and the uncertainty of how the UK will actually go about leaving the European Union.
Article 50 has been scheduled to begin in March 2017 so we have at least another 4 months ahead of uncertainty and this is why Sterling is currently at its lowest level against the Australian Dollar since 2013.
The RBA are due to meet next week and owing to the over inflated property market in both Sydney and Melbourne they are reluctant to interfere by cutting interest rates and while the rate stays the same this is encouraging further global investment in Australia keeping the Aussie very strong vs Sterling.
I would be very surprised to see any change to interest rates down under next week but I think there is an outside chance that the Bank of England will cut interest rates next Thursday so we could see GBPAUD rate challenge 3 year lows towards the end of next week.
Having worked in the foreign exchange industry since 2003 I am confident of being able to offer you bank beating exchange rates when buying or selling any major currency and also help you with the timing of your transfer.
If you have a currency transfer to make and would like further information or for a free quote then contact me directly and I look forward to hearing from you.
Tom Holian [email protected]
Alternatively fill in the form below