Sterling is dropping in value once again against the Aussie Dollar, which in contrast to how the currency is performing against other major currencies such as the Euro or the US Dollar.
After some less than impressive US economic data releases so far this week, demand for the high yielding Aussie Dollar is on the rise as the likelihood of the US Fed Reserve Bank raising interest rates 3 times this year is likely to weaken if economic data out of the US doesn’t justify it.
Planning a currency exchange involving the Aussie Dollar can be difficult as it’s performance depends on a number of outside factors. There are fears the Aussie could weaken as the year goes on if the US is to raise interest rates a number of times this year as demand for the US Dollar will then increase, and investors would likely move deposits from the likes of the Aussie Dollar into the US Dollar.
The Australian economy is also reliant on key trading partners such as China so a slowdown in the Chinese economy could also weigh on AUD’s value but as it stands the currency is doing particularly well.
With the Brexit process to begin next month I think there’s a chance the Pound could come under additional pressure, and we may see the mid -market level between GBP/AUD fall below 1.60.
If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well worth your time getting in contact with me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.