As we await news on just how the U.K election will pan out, Sterling has remained fairly flat against the Australian Dollar throughout trading today. It had looked like Sterling would be pushing up and above the 1.75 (0.5714) mark in the past week or so but what we have seen is a slight shift in momentum and the Labour party clawing back seats in the polls.
This has caused uncertainty for the Pound which has led to the Australian Dollar making back ground against it and coming down to test the 1.70 (0.5882) level.
It does appear that if you trust the bookies odds (which were totally wrong for the referendum) we will be seeing a conservative majority and that will more than likely lead to Sterling strength, but we must also bear in mind that this will also increase the likelihood of a harder brexit so the markets could actually see this the other way and push the Pound back down.
All in all we have a very interesting 24 hours ahead for anyone looking to buy Australian Dollars with Sterling or to send Australian Dollars back into Pounds, as we could face a lot of volatility and some fantastic trading opportunities in the hours ahead.
if you are in the position where you may need to make an exchange either in the imminent future or the coming weeks and months then it makes sense to have an experienced and proactive currency broker on your side.
I have been helping clients make large exchanges to and from Australia for nearly ten years now and make sure that not only do they get the very best exchange rate but they are also kept well aware of market movements in their favour or against them.
If you feel I would be of assistance to you then feel free to contact me (Daniel Wright) personally on [email protected] and I will be more than happy to get in touch and help you put together a plan of action for your exchange.