The Pound has maintained its strength against the Australian Dollar during the course of the week even though the the political situation in the UK remains uncertain concerning the Brexit talks.
The DUP are rejecting a ‘regulatory alignment’ between Northern Ireland and Ireland which is also being resisted against by a number of other members in government. The DUP are unlikely to allow a border in the middle of the sea as this could cause huge problems politically for Ireland.
Although the Brexit is clearly causing a lot of uncertainty at the moment there appear to be real problems for the economy down under in Australia.
Australian GDP figures released showed a big drop from 0.9% in quarter two to 0.6% in the previous quarter. This is likely to keep interest rates on hold as the RBA clearly will not want to cause a downturn for the economy.
Indeed, consumer spending has also seen a big slowdown in Australia which has slowed at is lowest pace since 2008 which is another reason for GBPAUD exchange rates moving in an upwards direction.
I think the Brexit is the biggest issue to concern anyone with a requirement to either buy or sell Australian Dollars but with things slowing down under this is the reason why I think there is a possibility we’ll see GBPAUD exchange rates move towards 1.80.
If you have a need to make a currency transfer in the coming days, weeks or months then feel free 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 compared to your bank or another currency broker.
Even a small improvement in the exchange rates can make a big difference so feel free to to email me and you may find you could save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on [email protected] and I will respond to you as soon as I can.