Sterling vs the Australian Dollar has hit recent highs during today’s trading session as US economic data came out much better than expected.
We are now just two weeks away from the US interest rate decision and as the economic data has been very positive recently this has led to an increased chance that the US will raise interest rates. US non-farm payroll data is due out on Friday and if the data is positive once again this could be the catalyst to send GBPAUD rates in an upwards direction.
The impact this has on GBPAUD exchange rates is a positive one as it means that global investors are less likely to hold the riskier AUD and plough into the USD which results in Australian Dollar weakness.
The Pound has made huge gains vs the Australian Dollar and the next target for anyone looking to buy Australian Dollars could be 1.70.
If you’re in the process of selling Australian Dollars to buy Sterling but do not yet have funds available it may be worth looking at buying a forward contract which allows you to fix an exchange rate for a future date.
The one sticking point for Sterling though is the ongoing uncertainty surrounding the Brexit talks and the Article 50 issue and until we have some form of resolution we could see a bit of a rollercoaster for the Pound.
Having worked in the foreign exchange industry since 2003 I am confident of not only offering you better exchange rates than using your bank but also help you with the timing of you purchase of funds.
If you have a currency transfer to make and want to save money on exchange rates when buying or selling Australian Dollars compared to using your own bank then contact me directly for a free quote.
Tom Holian [email protected]