The Pound has made some gains vs the Australian Dollar over the last few days with another increase during today’s trading session.
The market has appeared to have focused less on Brexit and looked closer as to what is happening with the Australian economy.
Westpac has reported more and more clients recently getting in to trouble, which ultimately has led to many clients going in to mortgage arrears which has led to an increase in the number of bank repossessions.
According to reports Westpac has repossessed a total of 550 up from 482 mainly in Western Australia.
ANZ & the National Australia Bank have also reported an increase in mortgage arrears during the previous quarter.
Australian unemployment remains at manageable levels but the increase in repossessions could be a sign of further problems ahead for the Australian economy.
Could the Pound struggle with Johnson in Europe this week?
In the meantime UK Prime Minister Boris Johnson will be visiting German Chancellor Angela Merkel later this week.
This will be followed by a meeting with French President Emmanuel Macron on Thursday. This could cause further movement for Sterling exchange rates as both leaders are likely to stick to their current stance which is no movement on the current EU Withdrawal Bill.
This could cause movement for the Pound as it steers us once again towards the chances of a no deal Brexit and if this is the case this could see the Pound lose some of its gains vs the Australian Dollar later this week.
Therefore, if you’ve got an upcoming requirement to exchange Australian Dollars then make sure you pay close attention to what is happening politically in the UK this week.
Having worked in the foreign exchange industry since 2003 I am confident that I can save you money on exchange rates when converting Australian Dollars . If you need to buy or sell Australian Dollars then contact me directly for a free quote and I look forward to hearing from you.
Tom Holian [email protected]