The Australian Dollar has come under a lot of pressure recently and has been one of the only currencies to have weakened vs the Pound in recent times.
The Aussie Dollar came under pressure caused by the recent news that Scott Morrison has replaced Malcolm Turnbull as the new Australian Prime Minister.
Indeed, Turnbull became the fourth Australian leader in the last ten years to be removed from power by his own party.
An election down under must be called by next May and Morrison’s main task will be to unite the party again and to try and regain power for another term after it was suggested that Turnbull was losing his hold over the Australian electorate.
The issue for the Australia Dollar is that a currency does not often welcome a change of power as it causes a lot of uncertainty for the currency involved and this is one of the main reasons why we have seen GBPAUD exchange rates hit 1.76 last week creating some excellent opportunities to buy Australian Dollars with Pounds.
However, I think the AUD will start to fight back against the Pound very quickly as Sterling is under a lot of pressure caused by the ongoing Brexit talks which appear to be going very badly at the moment.
It appears as though we are getting nearer to a no-deal Brexit at the moment and this could be very negative for the Pound.
EU chief negotiator Michel Barnier and Brexit Secretary Dominic Raab have agreed that the Brexit talks will be going non-stop and the talks may even have the deadline extended until November rather than the original plan of finishing by October.
Therefore, if you’re planning to buy Australian Dollars then it may be worth getting this organised in the near future and take advantage of this short period of AUD weakness against the Pound.
If you would like to save money when buying or selling Australian Dollars compared to using your own bank then feel free to contact me for a free quote and I look forward to hearing from you.
Tom Holian [email protected]