The Pound has endured a difficult last 2 weeks with the GBPAUD exchange rate falling below 1.70 after comfortably trading above that level for a while.
The Pound has been blighted by what has been happening politically and with the Tories failing to form a majority government in the recent elections the uncertainty is causing issues for Sterling.
Indeed, we have still yet to form a majority government and when this happened last time it took 20 days before the Lib Dems and Tories formed the coalition.
Next week the focus will turn to what is happening with the Brexit issue which as we all know caused such a huge problem for the Pound against all major currencies including vs the Australian Dollar this time last year.
As yet the UK has not confirmed whether it will try and opt for a hard or a soft Brexit and as we are still not settled politically there is a lot of uncertainty in the market which is why I think we may see further losses for the Pound vs the Australian Dollar in the near future.
On Tuesday the Reserve Bank of Australia will announce its latest set of minutes from its recent meeting and this is likely to have a small impact on GBPAUD rates but overall I think the Pound will be negatively affected by the Brexit negotiations. Therefore, if you need to send money to Australia it may be worth taking advantage of the current rates.
Having worked in the foreign exchange markets since 2003 for one of the UK’s leading currency brokers I am confident not only of being able to offer you better exchange rates compared to using your own bank but also help you with the timing of your transfer of currency.
If you would like further information or a free quote when buying or selling currency and would like to save money then contact me directly and I look forward to hearing from you.
Tom Holian [email protected]