I have been predicting in my last few articles that the Pound would break through 1.80 during the course of this month and continue to rise against the Australian Dollar which has shown signs of a real struggle during March.
We are now at the highest level to buy Australian Dollars with Pounds since the the referendum during June 2016 which saw the Pound collapse against the Australian Dollar after the British public voted to leave the European Union.
Although the Pound has been supported by better news on the Brexit front including an agreement on the transitional deal it appears to me is that it is more likely to be overall weakness for the Australian Dollar which has seen GBPAUD exchange rates move to these recent highs creating some excellent opportunities to buy Australian Dollars with Pounds.
There are a number of reasons why the AUD has weakened but mainly due to what is happening in the US during the course of this month. At the moment the Trump administration has put in place a number of different tariffs on Chinese goods coming into the US and as China is Australia’s largest trading partner any problems will often result in Australian Dollar weakness. If the trade wars ramp up this could cause further problems for the Australian Dollar so if your’e considering buying Pounds it may be worth organising this in the near future.
The stock market down under has also fallen since the start of the week as the US is also proposing a crackdown in Chinese investment in tech firms in the US.
With the Reserve Bank of Australia due to meet early next week I think the tone will suggest that any interest rate hikes may be a long time coming so this could provide a further boost for GBPAUD exchange rates.
Having worked in the foreign exchange industry since 2003 with my experience I am confident of being able to offer you both bank beating exchange rates and also help you with the timing of your transfer of currency.
If you would like further information or a free quote then contact me directly and I look forward to hearing from you.
Tom Holian [email protected]