This week the US public shocked the world when business tycoon and Republican candidate Donald Trump won the race to the White House and became President of the United States of America.
Donald Trump is seen as a risk to the US economy due to his stance on changing existing polices that are in place, including trade relationships around the globe. Investors / speculators seemed to get the jitters this week and fled the US dollar and the risky commodity currencies such as the Australian Dollar. This is the main reason why the Australian dollar lost value throughout the week.
The pound gained strength off the back of the news as many analysts believe Trumps appointment takes the spotlight away from Brexit. In my opinion Trump has made it clear that he wants an improved trade deal with the UK and therefore Trump becoming President has raised hopes of a free trade relationship between the UK and US which takes some pressure off the UKs departure of the EU.
As for exchange rates the pound has risen 8 cents in the last 5 days against the Australian dollar, which means a well timed 200,000 Australian dollar purchase is now £6,000 cheaper!
Unfortunately for Australian Dollar buyers that have sterling, this could be a temporary spike as Brexit talks will be back in the spotlight in no time therefore if you need to buy Australian dollars in the near future taking advantage may be wise.
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! **