The Pound has come under a little bit of pressure to buy Australian Dollars recently as the value of iron ore has been rising in recent weeks.
The commodity is a big revenue generator for Australia and when this improves in price this also tends to strengthen the Australian Dollar against the Pound.
Tomorrow morning brings with it the latest set of both Australian Import and Export data as well as Trade Balance figures for November.
If the data is positive I think we could see a strong start for the AUD vs GBP on early Friday morning so if you’re considering buying Australian Dollars in the short term then keep a close eye out on the market.
The Australian Dollar can also be heavily influenced by what happens in the US and with the world’s leading economy set to release unemployment data in the form of US Non-Farm Payroll data on Friday afternoon this could have a big impact on GBPAUD exchange rates.
The US raised interest rates three times during 2017 and with potentially more to come this year they will pass the interest rate level set by the RBA which could cause global investors to sell the Australian Dollar and therefore cause weakness for the Australian Dollar in the longer term against the Pound.
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.