The Pound vs the Australian Dollar has seen some very positive movements over the last few weeks and this has caused GBPAUD exchange rates to hit the best level to buy Australian Dollars with Pounds for over two years when the Brexit vote took place in June 2016.
The Reserve Bank of Australia has warned of the risks that the Australian economy is facing over the issue of the trade wars between the US and China and at the moment this issue is still rumbling on with no signs of dissipating.
Chinese stock markets have fallen by over 20% in the year to date and as China is such a large trading partner for Australia any signs of a slowdown can really harm the value of the Australian Dollar and this is one of the reasons for the weakness of the Australian Dollar recently.
Signs coming from the Brexit talks are that things are getting relatively close to reaching a conclusion and it appears, at least for the moment, that a deal may be reached fairly soon which has helped to support the Pound vs the Australian Dollar.
Brexit secretary Dominic Raab is due in Brussels on Monday and hopes are that he is there to try and tie up a deal but I cannot see this happening just yet.
Indeed, the EU summit will be held on Wednesday for two days and there is a hope that a deal may be reached and if so we could see a very volatile period coming up for anyone thinking about moving Sterling either to buy or sell Australian Dollars.
Following this summit there is another meeting planned for November and I think this is when a deal between both the UK and the European Union will be reached and this could give Sterling the momentum it has been looking for to continue upwards vs the Australian Dollar.
If you have a large currency exchange to carry out in the coming days, weeks or months involving Australian Dollars then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency.
A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on [email protected] and I will endeavour to get back to you as soon as I can.