Sterling vs the Australian Dollar has once again seen gains with GBPAUD exchange rates hitting their best levels to buy Australian Dollars since early October.
The gains have occurred owing to the recent events in the US which saw Donald Trump become the next President of the United States. The Australian Dollar is viewed as a riskier currency and with Trump threatening to increase tariffs with China which is Australia’s leading trading partner then this is another reason for the weakening of the Australian Dollar.
Sterling fell briefly against the Australian Dollar owing a leaked memo over the lack of a Brexit plan but Downing Street have already ‘wholeheartedly’ rejected the report which has given the Pound another boost.
The US economy has posted better than expected figures for Retail Sales which provides further evidence that the US are ready to increase interest rates in the near future.
With the Federal Reserve due to meet in December if they raise rates this could cause further Australian Dollar weakness as it means global investors will see the AUD in favour of the USD.
If you’re in the process of looking to sell Australian Dollars to buy Sterling prior to the end of the year it may be worth looking at buying a forward contract which allows you to fix an exchange rate for a future date for a small deposit.
Having worked in the foreign exchange industry since 2003 I am confident that not only can I save you money compared to using your bank or another broker but also help you with the timing of your transfer.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for further information or a free quote and I look forward to hearing from you.
Tom Holian [email protected]
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