Over the last two months the Australian Dollar has strengthened against the Pound by as much as 7% or the difference of £10,000 on a currency transfer of AUD$200,000 making a big difference as to when to move to or from Australia.
However, overnight we have seen some small gains for the Pound vs the Australian Dollar when RBA governor Philip Lowe suggested that any interest rate hikes may be some time off.
This led to the Pound briefly hitting 1.65 vs the Australian Dollar providing some brief respite to anyone looking to send money to Australia.
Today’s UK GDP data came out exactly as expected for the second quarter so this did little to affect GBPAUD exchange rates so the next catalyst for movement could come overnight with the release of the latest interest rate decision for the US when the Federal Reserve meets to decide its latest monetary policy.
I still think if there are any gains for the Pound vs the Australian Dollar they will be limited as the Pound continues to struggle owing to the Brexit uncertainty and that is unlikely to go away in the near future.
If you have a 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.