This update discusses factors that could affect AUD exchange rates in the coming days.
The rates for GBPAUD have been volatile to say the least over the last fortnight after hitting a 4 month high to buy Australian Dollar with Sterling. However, the Reserve Bank of Australia confirmed recently that they would be keeping interest rates on hold and this has helped to strengthen the Australian Dollar versus the Pound.
Chinese data has also been rather mixed recently and typically this would have noticeable impact upon the Australian Dollar but at the moment the Brexit polls are causing the fall in value for Sterling.
Once we get past the EU referendum I expect to see Sterling recover its recent losses against the Australian Dollar as confidence is likely to return and the certainty could help to improve the Pound vs the AUD.
We are also one month away from the election in Australia and at the moment the voting is very close. The most recent polls in Australia have shown the voting with the Liberals on 41%, Labor 36% with the Independents and the Green making up 10% each.
Current Prime Minister Malcolm Turnbull has himself come under some grilling on news channel ABC and he did not appear to perform too well. So far the election campaign has not caused too much movement for the Australian Dollar but to me it is simply a matter of time before the election causing instability down under and we see weakness for the Australian Dollar.
The Australian Dollar has also gained off the back of the lower than expected US jobs data from last week as this means there is much less chance of a rate hike in the US next week and this has caused global investors to seek higher yields by ploughing money into the Australian Dollar. Therefore, if you are thinking of selling Australian Dollars into Sterling it may be worth making your move prior to the EU referendum vote in 2 weeks-time.
Thank you for reading my Australian Dollar currency exchange report. If you have any questions about AUD rates I am happy to help – you can contact me with any queries at firstname.lastname@example.org.
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