We have seen a relatively stable period this month for GBPAUD exchange rates but could this change going into next month?
At the moment the markets have been quiet whilst many political leaders take their summer break but when things get started in September it is likely that the Brexit negotiations will once again begin to dominate the headlines.
When the snap general election was called back in Easter Sterling vs the Australian Dollar was trading above 1.70 but since then we have experienced both a hung parliament as well as the beginning of the Brexit talks.
Both have caused big falls in Sterling against all major currencices including against the Australian Dollar.
Growth forecasts for the UK have been downgraded both for this year and next year and this week’s Trade Balance figures for the UK have showed a huge fall in investment by businesses who are stalling their projects owing to the uncertainty as to what may happen with Brexit.
Longer term I expect the Pound to struggle and although in the short term I expect to see some small periods of gains I think they will be limited.
Therefore, if you’re considering sending money to Australia it may be worth doing it during this month.
If you have a currency exchange to make whether it be buying or selling Australian Dollars and want to save money on exchange rates compared to using your own bank then feel free to make contact with me directly via email.
Having worked in the foreign exchange industry since 2003 for one of the UK’s leading currency brokers I am confident of being able to offer you both better rates as well as keeping you updated with various market movements.
For a free quote email me directly Tom Holian [email protected]