The Pound has seen huge gains vs the Australian Dollar after hitting a 3 year low only last month. Sterling has gained by over 6% against the Australian Dollar over AUD18,000 on a currency transfer of £200,000 during this time.
The Australian Dollar has weakened against Sterling since the US election and combined with the delay for Article 50 caused by the High Court ruling recently this has helped the Pound make significant gains in such a short pace of time.
The Australian Dollar is heavily influenced by what happens with the Chinese economy as they are their biggest trading partner and with Trump having threatened to increase tariffs on Chinese goods and services entering the US this is another reason for the Aussie Dollar falling vs Sterling.
Commodity prices have also seen some volatility and if prices fall then this often leads to a weakening for the Australian Dollar.
Business investment in Australia has really started to dwindle recently and the amount of money has dropped by AUD$75 billion in the last 3 years alone.
The Australian Dollar is also affected by what happens in the US economy and with the US potentially raising interest rates on 14th December this could mean investors selling off Australian Dollars in favour of the US Dollar which could lead to GBPAUD exchange rates going in an upwards direction.
Having worked in the foreign exchange markets since 2003 for one of the UK’s leading currency brokers I am confident of being able to offer you bank beating exchange rates as well as helping you with the timing of your transfer of funds whether buying or selling Australian Dollars.
If you have a currency transfer to make and would like to save money on exchange rates compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you.
Tom Holian [email protected]