Pound to Australian Dollar exchange rates have seen a big increase since Prime Minister Theresa May announced the triggering of Article 50 on Wednesday.
It was feared that Article 50 could cause the Pound to plummet against the Australian Dollar but it appears as though the announcement was fully priced in and this has caused the Pound to make a gain of 3% against the Australian Dollar during the week. Good news if you’re looking to send money to Australia.
The focus will now turn back to what is happening in the economies both here in the UK and Australia.
This morning we saw UK GDP figures come out in line with expectation for quarter on quarter at 0.7% which means there has been little negative Brexit effect and the UK economy has remained on track.
Next week the Reserve Bank of Australia meet to discuss their latest monetary policy decision and whether they will amend their current interest rate.
The expectation is for no change and this could see Sterling improve against the Australian Dollar as confidence begins to return to the Pound.
Therefore, if you’re considering buying Australian Dollars with Sterling it may be worth seeing what happens on Tuesday.
Prior to the interest rate decision there is a huge amount of data due out including Trade Balance, Import and Export data and this is likely to determine the decision made by the RBA.
Working for one of the UK’s leading currency brokers I am confident that I can offer you bank beating exchange rates as well as helping you with the timing of your transfer.
If you have a currency transfer involving buying or selling Australian Dollars and would like to save money on exchange rates compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you.
Tom Holian [email protected]