The rate to buy Australian Dollars with Sterling has fallen from its 3 month high earlier this week after the UK posted worse than expected economic data.
UK Industrial & Manufacturing data both showed a fall in March which led to the Pound weakening against the Australian Dollar after getting close to 1.66 not seen since January.
As well as this data UK GDP data published by the NIESR showed a rise for the last 3 months of 0.5% but this did little to inspire the market.
Bank of England governor Mark Carney’s speech earlier today also suggested that the City of London’s financial institutions need to prepare themselves for all eventualities when the UK formally leaves the european Union.
With the triggering of Article 50 made last Wednesday it is not yet clear how the negotiations will go although they are pencilled in to begin later this month.
I think it will be very difficult for the UK to be successful with the negotiations as Europe has already been struggling to make a trade deal with the US since 2013.
With the UK due to make 27 new trade deals with all the current European Union members I cannot see how this can be completed in the current 2 year timescale.
On Tuesday UK inflation data is due out and this is likely to provide further volatility for Sterling vs the Australian Dollar so if you have a transfer to organise make sure you keep a close eye on this announcement on Tuesday morning.
Having worked in the foreign exchange industry since 2003 I am confident of being able to offer you bank beating exchange rates as well as helping you with the timing of your transfer.
If you have a currency transfer to make and would like to save money when buying or selling Australian Dollars then contact me directly for a free quote and I look forward to hearing from you.
Tom Holian Tom Holian [email protected]