Sterling vs the Australian Dollar has experienced another difficult week although not as bad as some of the currency pairs for the Pound.
The Pound is continuing to struggle under the weight of the Brexit talks which are clearly not going anywhere at the moment.
Indeed, during August whilst many politicians take their summer break things can get delayed or paused.
Therefore, as we go into next month I think we could see further losses for Sterling coming against the Australian Dollar because I cannot see how the talks will suddenly improve for the UK.
Sterling is now at its lowest level since 2009 to buy Euros and this goes to highlight how weak the Pound is against one of its major currency pairings.
This is why I also think we could see the Pound fall below 1.60 to exchange Sterling into Australian Dollars.
We are also yet to hear of any developments regarding the single market and if you think we have now been in discussion for a few months already with just over a year and a half to go things have not been going well at all.
Therefore, if you need to buy Australian Dollars over the next few weeks it may be worth looking at buying a forward contract which allows you to fix an exchange rate for a future date for a small deposit.
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.