The Pound is continuing its recovery against the Aussie Dollar, with the rate rising above the 1.70 mark once again and this time almost hitting 1.72 at its highest point during today’s trading session.
I believe this change in direction for the pair can be put down to both Sterling strength as the pound is also putting in some strong performance against other major currency pairs. This is likely due to Brexit headlines and uncertainties not being in the spotlight which has been a welcome change for those hoping to exchange their Pounds at more competitive levels.
The upward movement for GBP/AUD has also been aided by the weakening Aussie Dollar which had previously been one of the strongest performers of the year.
The drop in the Aussie dollars value can be put down to a slowdown in Chinese growth, falling commodity prices such a iron ore which is key for AUD, and also talk of the Reserve Bank of Australia not planning on hiking interest rates until 2019 which is in start contrast to the Bank of England who have alluded to hike as soon as next month.
Tomorrow morning there will be a key data release out of the UK as UK GDP will be released around 9.30am. If this figure deviates from the expectation we could see further movement, so feel free to get in touch with me if you wish to be kept updated regarding this release.
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 (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.