The Pound has continued to hit recent highs to buy Australian Dollars as commodity based currencies have started to weaken recently.
Following the news released last Friday with US GDP which came out at its lowest level in 3 years and combined with the lack of an interest rate hike in the world’s leading economy this has seen the Australian Dollar lose value against the Pound.
This has created some good opportunities to buy Australian Dollars and with a 10 cent gain since last month this can be as much as £7,500 on a currency transfer of AUD$200,000 in the last month alone.
The Reserve Bank of Australia confirmed on Tuesday that it will be keeping interest rates on hold for the time being and this has also caused the Australian Dollar to weaken.
The Australian Dollar has also struggled overnight with the release of worse than expected Australian Trade Balance data as well as lower than expected Chinese Services data. As China is such a large trading partner with Australia any negative data release will often lead to weakness for the Australian Dollar vs the Pound.
Tomorrow morning the focus will move towards the housing sector down under and as the sector showed a fall last month another fall could see further problems ahead for the Aussie Dollar.
However, we are now less than 5 weeks away from the UK’s general election and this is likely to cause a lot of volatility for the Pound vs the Australian Dollar in the weeks ahead so expect volatility to increase during this period especially when the campaign gets in to full swing.
If you have a currency transfer to make and would like to save money on exchange rates when buying or selling Australian Dollars then feel free to contact me directly.
If you’re emigrating or buying a property then the difference compared to using your bank can potentially run into the thousands.
For further information email me directly and I look forward to hearing from you.
Tom Holian [email protected]