Its been a roller coaster ride for Pound v Australian dollar exchange rates over the last month. GBPAUD exchange rates have ranged from 1.8750 to 1.78 a 5.3% fluctuation. To put this into monetary value, a well timed transfer could have generated clients an additional 19,000 dollars on a £200,000 transfer.
Brexit related news has been the main driver and at present GBPAUD exchange rates are back on the rise as the EU have hinted that they are willing to offer Theresa May an ‘independent mechanism’ deal. The news comes before Theresa May meets with her cabinet today to give an overview of current negotiations.
The independent mechanism review will be the hot topic as the UK and EU try to come up with a way to keep the borders open in Ireland,. However rumors have emerged surrounding Brexiteers including her own Brexit Secretary Dominic Raab, that his resignation will come if within the deal the UK cannot leave the EU on demand.
The upcoming weeks are going to shape GBPAUD exchange rates for years to come. At the moment the pound is on the frontfoot as a deal is looking more likely, however clients converting GBPAUD should expect the unexpected. My personal view is that a deal will be struck next month at the European Council meeting on the 13-14th and therefore the pound will make considerable gains against the Australian dollar.
For people that are new to currency exchange and are planning a transfer involving the Pound v Australian dollar, now is the time to get in touch even if you are not needing the currency until next year. As a company we can keep you updated with regular economic information and events which can help you prepare for your transfer.
However for people that are converting Australian dollars into Pounds, quite simply I believe now is the time. If a deal is struck we could see GBPAUD head back towards Pre Brexit levels. If you would like more information in regards to Australian dollar exchange rates or would like more information on the rates that we can offer feel free to email me on [email protected].