The pound to Australian dollar rate has been very volatile this year hitting fresh highs over 1.70. The recent slide in the value of the pound however has seen GBPAUD slip to almost below 1.60 but we have rebounded back to 1.67. Most analysts believe the uncertainty over Brexit will continue in the interim period which will only cause further problems for anyone holding the pound and looking to buy a foreign currency.
The outlook for the pound remains rather worrying which could see the rate easily slip back below 1.60 in time. I personally expect uncertainty over the Brexit will continue to be a feature on the pound and if you are looking to buy Aussie dollars capitalising on the spikes is the best way forward to avoid future uncertainty.
Most clients are looking to buy Aussie dollars at improved rates hoping the market will favour them but they fail to take account that the 7 cents improvement since last week is unlikely to be sustained. The Australian dollar has weakened in anticipation of the market not raising interest rates as quickly as some had hoped. In my expectations the rates are looking very attractive for AUD buyers, holding on hoping for further improvements could be a very costly venture.
If you are planning to buy or sell Australian dollars recent events have presented an excellent opportunity that might not last. For more information on the latest trends and an exchange rate I am positive will save you money please email Jonathan at [email protected]