GBP/AUD rates have remained flat over the past week, with Sterling struggling to make any impact above 1.73.
Despite the resistance its facing around this threshold, the current levels are still attractive levels based on the recent history of the pair.
The EU referendum result has changed the landscape indefinitely, with GBP/AUD rates trading between 1.5960 & 1.7950 since the Brexit vote.
The current buy prices are far closer to the high than low of this period and this should be considered by any clients holding Sterling and in need of an AUD purchase over the coming weeks.
Whilst I do not anticipate the Pound to put pressure on 1.75 under current market conditions, it has at least gained a foothold above 1.70 and I personally would be tempted to protect any currency positions above this level. The markets seem to be waiting for the next key driving factor to surface and this could ultimately be linked
To the on-going Brexit negotiations, with phase two talks set to get underway shortly. These will run until October, so personally I don’t expect to see any major breakthroughs anytime soon.
Considering how prolonged and arduous phase one talks were, I am not partially confident as we head into the next round of negotiations.
Looking at the Australian economy and early year financial reports have indicated that the Australian economy is set to continue to grow in 2018. If this prediction comes to fruition it will be Australia’s 27th year of uninterrupted growth.
This in itself is an impressive statistic, especially when you consider there have been at least three major global recessions during this period.
Whilst the Australian economy is of course not impenetrable, it continues to benefit from high levels of skilled immigration and a booming mining industry, which helps to support their continued growth.
If you have an upcoming GBP or AUD currency transfer to make you can contact me directly on 01494 787 478. We can help guide you through this turbulent market and as a company we have over eighteen years’ experience, in helping our clients achieve the very best exchange rates on any given market.
Our award inning rates can be accessed very easily over the phone and I can keep you posted with key market developments ahead of any prospective exchange you need to make.
Feel free to email me directly on [email protected] to find out all the options available to you ahead of your currency transfer.