Whilst today was incredibly eventful, as we have become used to, there is little net change to Pound to Australian Dollar rates to end the day, making the stress for Australian Dollar buyers and sellers alike seem almost wasted!
Yesterday the Pound depreciated in value sharply. GBP/AUD fell away from their recent highs up in the mid 1.6’s back down to 1.62 in a matter of hours. There was a similar story for the Pound against other currencies, which meant investors were selling off Sterling in a bid to relieve themselves of any risk which the triggering of Article 50 the following day could bring.
Who could blame them after what happened to Sterling on Referendum day last year?
However, brokers like myself woke up at 3am to see that the apocalyptic fall on Sterling some predicted did not occur. Markets were, as we have largely seen them over the last three months, fairly stable.
With that in mind, and with the very positive tone of Theresa May’s speech, investors were drawn back into the fold and the Pound gained against most of its major currency pairings throughout the day. Lucky for Australian Dollar sellers, the gains made against the Australian Dollar were some of the smallest.
This will likely be the governing narrative on Sterling exchange rates, including GBP/AUD over the next few days as investors position their funds for the next month of trading, making it highly likely opportunities will present themselves for Australian Dollar buyers in the short term. After this, a new month of economic data will bring new trends.
If you are planning to make a currency exchange involving the Pound and the Australian Dollar, 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.
I have never had an issue beating the rates of exchange on offer elsewhere, so a brief conversation could save you thousands on a prospective transfer.