Autumn Statement helps Sterling make gains vs the Australian Dollar (Tom Holian)

AUD GBP Sees First Positive Trading Day in a Week

Sterling vs the Australian Dollar has continued to move in an upwards direction and we have seen Sterling hit recent highs against all major currencies following the Autumn Statement earlier today.

During the statement Chancellor Philip Hammond provided some positive announcements with some potential measures to boost productivity for the UK. One of the ideas is to create a new National Productivity Investment Fund with an initial budget of £23bn.

However, the key to the next movement for Australian Dollar exchange rates will be tonight’s FOMC minutes which will reveal the reasons behind the US Federal Reserve’s interest rate decision earlier in the month.

The world’s leading economy in my opinion has been ready to increase interest rates for quite some time and tonight’s minutes could provide us with some insight as to whether they may do something next week.

With Trump winning the US election earlier this month we have seen GBPAUD exchange rates gain by almost 10 cents in Sterling’s favour. As the Australian Dollar is deemed a riskier currency which is heavily reliant on commodity prices then this is why we have seen such weakness for the Australian Dollar vs Sterling.

However, although the Pound has made some very positive gains this month the UK is still uncertain as to when Article 50 will be triggered. The challenge in the Supreme Court will take place in early December but we may not hear the answer until January and this could hinder Sterling from making any significant gains.

Having worked in the foreign exchange industry since 2003 I am confident of not only being able to offer you bank beating exchange rates but also to help you with the timing of your transfer of funds.

If you have a currency transfer to make and want to save money on exchange rates compared to using your bank when buying or selling Australian Dollars then contact me directly for further information or for a free quote.

Tom Holian [email protected]