Since the start of 2017 GBPAUD exchange rates have dropped from 1.7150 to 1.6250. To put this into monetary terms a 200,000 Australian dollar is now £6,458. For people converting sterling into Australian dollars or Australian dollars into sterling in the upcoming weeks or months the question they need to be asking is what has changed?
UK Prime Minister Theresa May announced last week ‘We’re leaving, we’re coming out, we’re not going to be a member of the EU.’ Within the same interview she also exclaimed that the UK would take back control of its borders whilst trying to negotiate a deal within the single market.
With EU leaders exclaiming to remain part of the single market the UK must adhere to free movement of people, it was no surprise the pound crashed after Mrs May’s comments.
National newspapers from the UK are suggesting the PM will suprisingly announce the UK is prepared to leave the single market on Tuesday. This is a change of tune from Mrs May and if true, I expect GBPAUD could break through 1.60.
If you are buying Australian dollars within the next 3 months it looks like your transfer will become more expensive the longer you procrastinate. If you are waiting for your sterling to become available we offer a forward contract which allow you to secure your rate now and you can pay later.
If you are buying or selling Australian dollar in the upcoming weeks, months or years feel free to email me with the reason for your conversion (company invoice, buying a property) and the timescales you are working to and I will email you with my forecast and the process of using our company [email protected].
** 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 minutes and in the past I have saved clients thousands! **