Should I sell Australian dollars and purchase sterling now? (Dayle Littlejohn)

Will Sterling Weakness Continue to Help the AUD to GBP Rate Improve?

I was only suggesting this weekend in a recent post click here to read more, that any person holding onto Australian dollars waiting to convert into sterling should seriously consider taking advantage of current exchange rates.

With Theresa May’s shock announcement that the UK public will take a trip to the polling station on June 8th, the pound has continued to make inroads against the Australian dollar. For clients that took my opinion on board, a 200,000 Australian dollar transfer into sterling would have generated them an additional £3,000.

The reason why the pound has gained momentum off the back of the announcement is the market is pricing in Theresa May will win a majority and will therefore have more power when negotiating the final Brexit deal. Couple this a potential slowing Chinese Market and Donald Trump causing volatility for commodity currencies I still believe now is the time to sell Australian dollars and buy pounds.

Economic data is thin for the remainder of the week for the Australian dollar. A release that will have a direct impact on GBPAUD exchange rates is the speech by Governor of the Bank of England Mark Carney on Thursday morning. I wouldn’t be surprised to see the Governor quizzed about the snap election and with the recent positive run, he could try and talk down the pound which could be a small spike to look out for if selling Australian dollars.

The currency company I work for has won numerous awards for exchange rates therefore it enables me to trade Australian dollars at rates better than other brokerages and high street banks. I would recommend sending an email with a brief description of your requirements and your timescales (this is very important, the length of time you have will change your options) and I will email you with my strategy and the process of using our company drl@currencies.co.uk. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.