Overnight disappointing wage growth data has seen the Australian dollar lower and taken it to a 6 month low against the pound. This is presenting the best time in 6 months to buy Australian dollars with pounds, some good news for Australian buyers. Overall the outlook for sterling remains very shaky but we could potentially see some improvements in the coming weeks if we get some clarity on the UK’s Brexit position.
If we look at the state of the pound and its more recent performance against the Australian dollar it has mainly been subject to the whims of the Brexit which has only seen the market lower. If you have a transfer to make in the coming weeks then I would suggest you look to capitalise on this improvement or to certainly be making some plans around these latest developments.
Much has been made of the status of the pound and growing concerns that the UK will ultimately raise interest rates further down the line, this has all supported the pound but sentiments can very quickly change! There is now also a belief that the UK would also get a good deal from the Brexit, personally I would be surprised to see this happen but we will have to see how things develop.
If you are looking to buy or sell the pound against the Australian dollar then making some plans in advance is a crucial part of maximising the transaction, understanding the future events that would drive exchange rates will ultimately be crucial to getting the most for your money. As well as getting the very best rates of exchange we also help with forecasting and alerts of certain market moving events and exchange rates.
For more information please speak to me Jonathan Watson by emailing [email protected]. Thank you for reading and I look forward to hearing from you.