Sadly the Australian football team’s time at the World Cup has been cut short and similarly with the currency side of things the Australian Dollar has also struggled during the course of the last month as well.
The Trade Wars between the US and China has caused a big problem for the Australian Dollar as China is Australia’s largest trading partner so any negative news will often result in Australian Dollar weakness.
At the moment threats are that the US could impose as much as US$200bn on Chinese goods and this is causing a very big problem for global trade and as the Australian Dollar is a commodity based currency this has been badly affected in the same way as both the South African Rand and the New Zealand Dollar.
GBPAUD exchange rates have been heading in the direction of 1.80 but appear to be hitting a level of resistance just below at the moment. However, I think we could see the Pound rise higher going into next month.
The EU summit will be taking place over the next couple of days and as well as the migrant crisis one of the other main topics for discussion will be the latest developments surrounding the Brexit issue and how the EU will work without the UK.
If the talks go well for the UK we could see the Pound potentially break higher than 1.80 against the Aussie Dollar so make sure you’re well prepared to take advantage of any potential spikes in the Pound’s favour.
We end the week with the final revision of UK GDP figures for the first quarter of 2018 so any revision upwards could also send the Pound in an upwards direction.
If you have a currency transfer to make and would like to save money when exchanging Australian Dollars then contact me directly for a free quote and I look forward to hearing from you.
Tom Holian [email protected]