As my post on Sunday detailed, last week was a particular struggle for anyone planning a Pound to Australian Dollar currency exchange. However, the counter-rally I pointed to is already occurring, and, depending on the content of the RBA’s most recent meeting’s minutes to be released overnight, should continue.
Looking into recent trends on Pound to Australian Dollar exchange rates since September last year bolsters this argument.
These current four week lows to buy Australian Dollars using Sterling have been reached three times in the past five months. October saw heavy losses for the Pound when anxiety surrounding the Brexit seemed to be at its highest point, and after a strong recovery in November and December this was matched by some choice comments by Theresa May on a Sunday talk show which began another slide on the Pound.
This time around a hurtful combination of positive data for the Australian Dollar and multiple counts of negative news on the Sterling side of the pairing, with high inflation and poor retail sector data for the UK dominating headlines last week, causing GBP/AUD to career down to these current low-1.60 levels.
However, as the title of this posts suggests, there is still optimism for anyone with a planned Australian Dollar purchase in the coming weeks.
This resistance level of the low 1.60’s on GBP/AUD rates has continually been tested, however has struggled to break through. At this point in this current market it seems the incentive for traders to seize gains made and convert their Australian Dollars into Sterling is too high.
The sudden shift to higher demand for the Pound is why you see its value rise in a gradual fashion, with the scales re-balancing and GBP/AUD rising by a Cent so far today.
The onus for Australian Dollar sellers to move is now higher, so I strongly recommend that anyone with a Australian Dollar to Pound requirement over the next three to four weeks should contact me on [email protected] to discuss the options open to you to seize what were multi-year highs on the pairing when the low 1.60’s were first reached in September.
Conversely, Pound to Australian Dollar buyers in the short to medium term do not seem to face the same pressure to move and I recommend contacting me to discuss a strategy on how best to approach the expected gains safely, as the landscape for this market can change quite dramatically whilst it is so politically charged.
I am on hand in order to ensure you make a well informed decision on when to make that particular transfer, as well as helping you to benefit 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.
I have never had an issue beating the rates of exchange on offer elsewhere, therefore a short conversation could save you a significant sum on an upcoming transfer.