The Pound has this week fought back against the Australian Dollar. With the RBA having cut interest rates the focus now appears to be on Australian unemployment. The figures showed a problem with the jobs market down under which signals that the Australian economy is under some real pressure at the moment.
The average house price has also been falling in Australia and this is beginning to weigh heavily on the value of the Australian Dollar.
Next week the focus will turn back to the Reserve Bank of Australia when the latest minutes are released.
This will provide an insight as to what the central bank are looking to do in the near future concerning monetary policy.
I think there are more interest rate cuts planned this year so if the RBA gives hints that there may be more coming in the near future I think we could see GBPAUD exchange rates move in an upwards direction.
Therefore, if you’re planning to buy Australian Dollars in the near future it may be worth waiting until the middle of week to take advantage of any potential spikes in the market.
The other news affecting the rates is that of the UK’s leadership election. Currently Boris Johnson appears to be the front runner after winning the first round conclusively. If he manages to get into power this could potentially give the Pound a boost against the Australian Dollar as it will provide some certainty at least in the short term.
I have worked in the foreign exchange industry since 2003 for one of the UK’s leading currency brokers and I am confident of being able to save you money when buying or selling Australian Dollars.
If you have a currency transfer to make and would like to save money on exchange rates compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you.
Tom Holian [email protected]