At the end of this week Australians will be going to the polls to vote in the Australian Federal election. Over the last twelve years Australia has had a total of six different prime ministers which has caused a problem for the Australian economy in terms of continuity.
|Currency Pair||% Change (Month)||Difference on £200,000|
According to the latest set of polls the Labor Party led by Bill Shorten appear to be the front runner but as we have seen in recent years polls can often be misleading. The other party, the Liberal-National coalition, is led by current Prime Minister Scott Morrison. Both parties are clashing on taxes, public spending and climate change which appears to be a huge concern for many votes down under.
Morrison is the the third leader in just four years and he has only been in power since August 2018 so another change in leadership could cause a problem for the Australian dollar. If you’re in the process of buying or selling Australian dollars then make sure you’re well prepared for what could happen over the weekend to GBP/AUD exchange rates.
If Morrison does retain his position then this could potentially provide the Australian dollar with a boost against the pound as he will have to serve a full term, which in theory should help stabilise the economy and therefore the Australian dollar.
Prior to the election Australia will announce their latest set of unemployment data for April. The expectation is for 5.1% which has been rising slightly recently so another sign of a slowdown could cause the Australian dollar to weaken.
As we end the week on Friday Australian will reveal the most up to date Consumer Inflation Expectations for May so if inflation looks as though it is falling combined with a slow down in unemployment this could put pressure on the Reserve Bank of Australia to cut rates at their next meeting. Therefore, if you’re considering buying Australian dollars then it may be worth getting this organised early this week.
Tom Holian was so very helpful to us. Neither of us have used this sort of service before and Tom made it painless and, importantly, gave us confidence in the service and his assistance. Tom is a great person for your organisation.
The service was brilliant from start to finish, I was advised on a daily basis as we were transferring a large amount of Euro to Sterling, this enabled us to make the exchange at the best rate. We would not hesitate to recommend Foreign Currency Direct and especially Tom.
I have used Foreign Currencies Direct services for a number of years now and always impressed with the ease and speed of making international transfers in various currencies with them. Many thanks to Tom Holian.
Very pleased with the personal response from Tom and patience with my lack of experience. The transaction was completed in good time.