The Pound has improved against the Australian Dollar during the course of this month and although we have seen some small drops recently GBPAUD exchange rates are close to the highest they have been in a very long time which is good news for anyone looking to buy Australian Dollars with Pounds.
Even though Sterling has remained under a lot of pressure against both the Euro and the US Dollar, Sterling has had a very strong run against both the New Zealand Dollar as well as the Australian Dollar.
In fact Australian GDP data showed a fall earlier this week which cause further Australian Dollar weakness with GBPAUD rates breaking as high as 1.79 on the Interbank level at one point.
With Donald Trump suggesting that he will be looking to increase tariffs on both steel and aluminium if he goes through with his plans this could cause a problem for the mining industry in Western Australia and therefore a longer term problem for the Australian dollar vs the Pound.
The US are now less than a fortnight away from the next Federal Reserve meeting and it is almost certain that they will be raising interest rates and this will be the first time that US interest rates will be higher than that available down under.
Therefore, I think later this month this could be the catalyst to send GBPAUD exchange rates towards 1.80.
On Monday Australia will be celebrating Labour Day so AUD exchange rates could remain quiet until later in the week when Chinese Retail Sales data as well as Industrial production data is announced.
China is such a large trading partner with Australia so this could cause a lot of movement for Australian Dollar towards the middle of this week.
For further information about what is happening with Australian Dollar exchange rates at the moment and if you need to make currency transfer then contact me directly for a free quote and I look forward to hearing form you.
Having worked for one of the UK’s leading currency brokers since 2003 I am confident of being able to offer you bank beating exchange rates as well as helping you with the timing of your transfer.
Email me directly Tom Holian [email protected]