The Australian dollar has made an 8 cent gain against sterling in the last 20 days with a £200,000 AUD purchase now achieving over $14,000 less in return. The uncertainty surrounding Brexit has had a major effect on the strength of sterling and it may be fair to argue that the GBP/AUD rate could start to move below the 1.80 level.
|Currency Pair||% Change in 30 days||Difference on £200,000|
The spike that occurred earlier this month came solely from the optimism surrounding Brexit, and the news that a deal was close to being achieved. However as talks continue there could be positive news at any point, anyone looking to sell Australian dollars may be wise to capitalise on a one month high.
In the very early hours of Wednesday morning the latest Consumer Price Index will be released, with the figure expected to fall from 2.1% to 1.9% which will be the eighth straight quarter where economists have over cooked their estimations. The Australian economy has been reporting good figures over the past few months, however the inflation level has continued to remain below par.
The Reserve Bank of Australia has already removed much chance of any interest rate increases taking place until after next summer, which does leave Australia a little behind the trend with several economies raising rates this year. The Aussie does come under significant pressure from external sources such as China and the US.
Furthermore there is still arguments that the Aussie is overvalued as their interest rate level currently offers good returns compared to several other economies.
In my opinion if interest rates across the globe continue to gradually climb and the UK get a Brexit deal organised, a move toward the 1.90 level at least may not be to far away. Therefore, those looking to sell Aussie dollars may be sensible to capitalise on the major movement these past few days.
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