This AUD report will address the factors that are likely to affect exchange rates today if you are buying abroad or making a currency transfer. The table below shows the difference in AUD you would have achieved when buying £200,000 during the high and low points of the past month.
|Currency Pair||% Change||Difference on £200,000|
GBP/AUD rates are trading around 1.65, with a move back towards 1.70 unlikely over the coming days in my opinion.
Despite some negative comments over the weekend regarding a 1-million-dollar anti-immigration advert, the AUD continues to find support against a weakening Pound.
Whilst some are concerned about the rising levels of immigration in Australia, it is unlikely to hit the AUD value too hard whilst so much negativity continues to surround the UK.
What investors will be looking towards though is any developments between the US & North Korea.
This is likely to drive global currencies and commodity based assets such as the AUD, could be amongst the hardest hit. Global fear generally means investors will start to pull funds away from riskier, potentially higher yielding currencies such, as the AUD and return them to safer havens such as the CHF or historically the USD.
This means that the AUD could be inadvertently weakened by any increase in the rhetoric surrounding the Korean Peninsula, so clients may wish to consider this ahead of any AUD currency exchanges this week.
Whilst the recent economic data emanating from Australia has been fairly strong, I doubt we will see a move towards 1.60 whilst the current global unrest remains.
Looking at the week ahead and its fairly quiet for Australian economic data releases.
Tomorrow we have new motor vehicle sales, followed by some inflation data overnight on Wednesday.
However, Thursday is likely to hold the most weight with investors when the latest employment figures are released. The official rate is expected to be 5.6% and this will likely be priced into GBP/AUD exchange rates over the coming days.
Thank you for reading my Australian Dollar report, if you have any questions about an upcoming transfer please feel free to get in touch and discuss your options here.
From the initial contact with the broker, through my dealings with the compliance folk, the experience was the same, a great blend of efficiency and friendliness, plus I got a great rate, well done Matt and the team.
Matt and Jonathan were excellent and most professional. Through out I felt I was in good hands – they took time to explain everything to me and were very patient when I was experiencing some technical problem with my own bank.
Matt was very helpful and efficient, very good service.