For people that are emigrating to the UK at some stage you will need to convert Australian dollars into Sterling and thats where I come in. The currency company that I work for undercuts banks exchange rates which means you will have more sterling for when you arrive on UK shores.
Since the Brexit vote rates for selling Australian dollars to buy sterling have been fantastic however in recent weeks the pound has been recovering against the Australian dollar due to the devaluation of the Australian dollar and the strengthening of sterling.
Australian inflation fell last week, which confirms the Reserve Bank of Australia’s commentary that an interest rate is completely off the cards. UK inflation has been on the rise for many months due to the weaker pound and it’s likely that the Bank of England will raise interest rates this Thursday which means GBPAUD could push towards the mid 1.70s.
The key economic event that will continue to drive GBPAUD exchange rates is the Brexit negotiations. The UK and EU negotiators have made it clear that decisions need to be made in the upcoming months, and UK Prime Minster Theresa May confirmed last week that both parties are close to securing the EU citizens rights deal. This is so important for sterling exchange rates as a deal will mean stage 2 negotiations can begin.
For people that need to convert Australian dollars into pounds, you are still receiving something I call ‘the Brexit discount’. In the upcoming months I expect the pound to continue making inroads against the Australian dollar therefore converting sooner rather than later would be my strategy.
If you are buying or selling Australian dollar in the upcoming weeks, months or years feel free to email me with the reason for your conversion (company invoice, buying a property) and the timescales you are working to and I will email you with my forecast and the process of using our company [email protected].
** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you minutes and in the past I have saved clients thousands! **