Sterling has continued to struggle vs the Australian Dollar this week after the comments made by the Reserve Bank of Australia which suggested that an interest rate hike may be coming sooner than some may expect.
Growth figures in China which is the world’s second largest economy and the largest trading partner with Australia have also been very good this week which has in turn led to Australian Dollar strength vs the Pound sending exchange rates below 1.64 for the first time in many weeks.
We have the release of Australian Unemployment data due out overnight and in my opinion any further good news down under could send the Pound vs Australian Dollar rates down even further.
My next expectation for rates is towards 1.60 rather than 1.70 so if you’re thinking about selling Australian Dollars soon then keep a close eye out for what happens to the GBPAUD rate tomorrow.
Tomorrow morning also brings with it UK Retail Sales which owing to the uncertainty caused by Brexit could see a lower than expected figure and if this happens I expect further Australian Dollar strength vs the Pound.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on [email protected] and I will endeavour to get back to you as soon as I can.