My recent article this weekend suggested that there was a possibility that GBPAUD could reach 1.80 in the upcoming weeks and until late yesterday afternoon this prediction looked very likely. However the DUP at the close of business yesterday evening announced they are unhappy that UK Prime Minister could offer a different border control for Northern Ireland compared to the rest of the UK. Off the back of the news the pound lost ground against all of the G10 currencies and the Australian dollar.
Later that evening, the Reserve Bank of Australia held interest rates at 1.5%, which was no surprise, however surprisingly the Reserve Bank of Australia’s commentary was extremely positive which strengthened the Australian dollar further against the pound. With the amount of strength we have seen for the Aussie rumors the Reserve Bank of Australia may appear to be backtracking and actually could raise interest rates early next year. If this is the case, it’s quite clear that the RBA have been jawboning in an attempt
However, I’m still of the opinion that the UK will secure some kind of deal in the upcoming weeks with the EU which will mean trade negotiations will begin in the New Year. If this is the case this period of strength for the Australian dollar against sterling could be short lived therefore I would recommend any client converting Australian dollars into sterling should look to make arrangements sooner rather than later.
If you are converting pounds into Australian dollars as you are emigrating or if you are leaving Australia to move to the UK and need to buy pounds in the upcoming weeks, months or years feel free to email me with the 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! **