The Australian Dollar has been one of the only currencies to have weakened against the Pound recently after an unsettled period recently caused by a change in leadership down under. The Aussie Dollar report below discusses how long this AUD weakness against GBP will last, owing to the UK's own political uncertainty. The range of AUD exchange rates for the past 30 days is displayed in the below table, showing the potential difference in return when selling £200,000.00.
|Currency Pair||% Change||Difference on £200,000|
Malcolm Turnbull was ousted by his own party and replaced by the new Australian Prime Minister Scott Morrison who is the fourth leader in the last decade to take the place of the current leader in their own party.
An election is due in just ten months time and the new leader’s main priority will be to unite the current party in order to regain power for the next term when elections are due to be held in May 2019.
This political turmoil has caused the AUD to weaken against the Pound hitting its highest rate to buy Australian Dollars with Pounds since early August creating some excellent short term opportunities for those looking to move money to Australia.
However, I personally think that the gains will be short term and already the AUD has started to recover from trading at 1.76 last week back into the 1.75 levels.
The Pound has been under huge pressure by the issue of Brexit, which appears to be spiralling out of control creating fear for the British people who have been put on alert by the British government that we may be headed for a no-deal Brexit. EU chief negotiator Michel Barnier and Brexit Secretary Dominic Raab have jointly agreed to keep the Brexit talks on-going in order to try and reach a positive solution before the talks are set to end in October.
Indeed, it has been suggested that the talks may be extended until November in order to try and form some sort of agreement with the UK and the European Union.
All this procrastination is not boding well for the Pound and this is why I think we could be headed for further losses for GBPAUD exchange rates. Therefore, if you’re considering sending money down under it may be worth taking advantage of this current spike.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me here.
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