The Australian economy continues to surprise many and despite its recent slowdown, has still managed to avoid a recession for the best part of 30 years.
In fact with growth expected to drop only slightly to 2.7% this year, there are still many reason to remain optimistic for any clients looking to execute an AUD currency exchange over the coming months.
Despite this optimistic outlook a dark cloud continues to hang over the Australian economy. US President Donald Trump’s on-going trade wars with China are a serious cause for concern. China remains Australia’s largest trade partners and whilst this relationship continues to blossom, any tariffs China introduce to counter Trump’s restrictions, could have devastating effects on the Australian economy.
Whilst it is likely that Australia’s exports would be not be subject to such measures, any pressure on global trade is likely to have a negative effect on commodity based economies such as Australia’s. This in turn would likely weaken the AUD, so clients need to be keeping a close eye on developments in this sphere.
Looking at GBP/AUD rates and the AUD now seems to be finding plenty of support around 1.85 and with Brexit talks moving back into the spotlight, the Pound could find itself back under pressure over the coming days.
UK Prime Minster Theresa May will be wondering what else could go wrong, as the government continue see their grip around any upcoming Brexit decisions weaken.
With talks on-going, it will be interesting to see how the markets react to any further stumbling blocks, with any slowdown in the government’s ability to make decisions likely to put pressure on the Pound.
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 winning 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.