Sterling has made inroads against the AUD today, following positive UK Services PMI data.
The official reading of 54.5 came out above the markets predicted result, which in turn increased investor confidence in the UK economy and the Pound has benefited as a result.
GBP/AUD rates hit 1.7905 at today’s high and despite the AUD finding some support around that threshold the Pounds value remained inflated by the close of European trading.
The Pound had come under pressure last week following reports that the EU rejected the UK governments first Brexit draft, which by all accounts was not well received by the EU’s chief negotiator Michel Barnier.
UK Prime Minster Theresa May spoke on Friday but despite her bullish tone, the markets did not react as she failed to deliver any new or progressive information. speech, scheduled for 13.30 today.
Issues over the Irish border issue remains one of the key sticking points and the reality is that until this is agreed, there will be no transitional period and no soft Brexit.
Despite these negative reports the Pound has held its position against the AUD and today’s improvement should be seen as a positive for any clients to take advantage of a short-term GBP/AUD currency exchange.
The AUD is very susceptible to any downturn in the global markets and as such, the current malaise is causing investors to move their funds away from the AUD and into safer haven currencies such as the USD, which in turn is helping to support Sterling around the current levels.
If you have an upcoming 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.