Buying and selling Australian Dollar exchange rates have been hit heavily heading into the Bank Holiday weekend, as uncertainty about the upcoming election, now just 10 days away, undercuts Sterling against its major currency pairings.
The resurgence for Labour is staggering. The same company which revealed the slim margin of 4% in favour of the Tories had identified a 20+ point lead at the beginning of campaigning season just over a month ago.
With the bank holiday UK markets are onlookers for the day today, and we are already seeing a small recovery in the Pound. However, this form of minor rebalancing is common after more serious movements the previous trading day.
Moving forward you can expect GBP/AUD exchange rates to continue to reflect the changing dynamics in the polls. Currently the Tories are still ahead, and anyone with an Australian Dollar buying requirement will need for this to remain this way.
Financial markets are keener for a strong Conservative victory, as they are hoping for continuation in policy, and expect a beneficial effect on having an elected PM with a mandate in the upcoming Brexit negotiations.
However, a 4% lead is what was expected for the Remain camp in the recent Referendum, which clearly did not manifest. So financial insitutions are unlikely to bet on a positive oucome without a more commanding lead for the Conservatives
Without demand for Sterling its value would career downwards, making the Australian Dollar a more expensive prospect for anyone with an upcoming requirement.
Anyone with an Australian Dollar requirement in the immediate term may be wise to contact me to discuss a strategy on how to approach the vote to secure any targetted peaks and ensure you are better protected from any downside risk.
It could even be that the slight resurgence on exchange rates recorded today will be the best buying levels available before the election itself.
I have never had an issue securing more commercial exchange rates than what is on offer elsewhere. Contact me over the bank holiday weekend on email@example.com while markets are closed for a short discussion concerning your personal situation.