The following report highlights potential changes to GBPAUD over the coming days and weeks.
GBPAUD rate have slipped further principally on the political and economic problems in the UK. The Australians are also in the midst of their own political issues although nowhere near as bad as the UK. Malcolm Turnbull appears very close to winning government with his coalition albeit by a very small margin. As voting is compulsory in Australia and it is such a big country some voting is done by post and it is this counting which is dragging the result out.
Important news this week was the Reserve Bank of Australia Interest Rate decision which was a bit of a non-event. The prospect for cutting remains but with the easing bias very much neutral any Aussie dollar buyers waiting and holding off for a big improvement could be waiting quite some time for this to happen.
If you have a transfer involving the pound and Australian dollar making some plans in advance is sensible. The UK interest rate decision is highly likely to upset the pound further and I would not be surprised to see exchange rates in the 1.60’s before very long. If you are buying Australian dollars and looking for a spike we do have Australian Unemployment numbers next week, there is also the election result to be completely confirmed. It does seem this market will favour anyone selling Australian dollars however so if you have a transfer to consider getting in touch earlier rather than later seems the safest bet in such an uncertain market.
With pressure piling onto the Pound, Aussie Dollar buyers may want to consider making an exchange sooner rather than later. Call us to discuss your options on 01494 725 353.
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