The Pound is now trading at its best rate to buy Australian Dollars in over a month as Sterling continues to improve against a whole host of currencies during the course of this week.
Sterling has hit pre-referendum highs against the US Dollar and is now trading at its best level to buy Euros in over nine months.
UK unemployment levels hit their best levels in over 40 years and are at their lowest levels since records began and this is one of the reasons for Sterling’s strength against the Australian Dollar.
There are still concerns that inflation is too high for the UK but Average Earnings also came out better than expected yesterday and this has also helped to increase the Pound’s value.
The two announcements yesterday were clearly very positive but tomorrow we have the latest GDP estimate for the UK and this could potentially put paid to Sterling’s recent rally against the Australian Dollar.
The over-riding factor for Sterling’s increase is that things are looking more positive concerning the topic of Brexit.
Both finance ministers from Spain and the Netherlands have suggested that they want to remain as close as possible to the UK in terms of ongoing trade and the overall tone looks to be one of togetherness rather than a ‘them and us’ situation.
Indeed, the Pound has increased by as much as 3% against the Australian Dollar in the last 4 weeks which is the difference of £3,400 on a currency transfer of AUD$200,000.
If you have a need to make a currency transfer in the near future when transferring Australian Dollars 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.