I would be very surprised to see GBPAUD slip below 1.60 but equally surprised to see it rise above 1.70. Current levels in and around the 1.65 represent a fairly mid range price from what we have been used to for most of 2017. The pound has of course been the big loser with uncertainty over the Brexit but trends on the Australian dollar have also been really important. If you have a transfer buying or selling Australian dollars understanding the market and all of your options is key to maximising the opportunity for your transfer.
Yesterday was the big news for the GBPAUD exchange rate, the UK’s Super Thursday of data releases including the Bank of England and the Quarterly Inflation Report. The pound could easily drift lower in the coming weeks but the move yesterday was definitely something for both buyers and sellers of Australian dollars to take note of. Basically the lack of any interest rate hike for the UK makes it very difficult to expect the pound to rise sharply this month. What can we learn from this?
If you have a transfer to make buying the Australian dollar with pounds the outlook for sterling remains uncertain and expecting big improvements could be very risky as many clients have found out recently. Conversely clients looking to sell AUD for GBP are in a very good position because of the weakness of the pound which is representing a very good opportunity for them to sell.
I expect GBPAUD to trade in a range of between 1.62 and 1.67 for the rest of August. If you have a transfer to make in the coming weeks and wish for a better level please let me know by emailing [email protected]. Thank you for reading and please let me know if there is anything I can help with.