AUD/GBP rates have continued to improve during the early part of the trading week, with the AUD hitting 1.7934 at today’s high.
Sterling has found itself under pressure since it became apparent that the Bank of England (BoE) would not be raising interact rates at last week’s policy meeting.
Despite BoE governor Mark Carney remaining fairly upbeat in his subsequent press conference, the markets are clearly sceptical after yet another retraction of previous commitments, with the UK economy struggling after a poor run of economic data.
The AUD has gained over 5 cents in the past month, putting netting clients an additional £1,500 on a 100,00 AUD/GBP currency exchange.
The AUD’s improvement has certainly come in line with Sterling’s downturn but is not without support itself, with the Australian economy remaining as resilient as ever.
A report this week indicated the Australian economy continues to rely heavily on immigration, with an on-going demand for skilled workers. This in turn provides a healthy basis for the economy to kick forward over the coming years but of course there are concerns to be aware of, for any clients holding AUD.
A slowdown in global trade certainly has the potential to destabilise the Australian economy, along with rising house prices in Australia’s most affluent cities.
Therefore any clients who have an upcoming AUD/GBP currency exchange to execute may well want to remove any risk and take advantage of the current improvement.
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.