The last 6 months has been incredibly volatile for the GBP/AUD paring, with the highest levels witnessed in April of 1.84 and the lowest levels recently seen since the start of the year, of the low 1.73s. Further information on the ups and downs experienced by the Aussie below, with the range of GBPAUD exchange rates outlined for the past week showing the difference in AUD you could have achieved when selling £200,000.00 during the high and low points.
|Currency Pair||% Change||Difference on £200,000|
In monetary terms, this movement has meant that a transfer timed at the better levels, would have achieved over A$20,000 more than it would have at the lower levels.
Sterling’s recent gains against the Aussie have been influenced by the decision by the RBA to keep interest rates in hold at record 2-year lows, which was followed by a rather dovish monetary policy statement delivered by Governor Lowe, which dampened any expectations of a potential hike in the near future.
There have also been further setbacks for the AUD beginning this week, following the poor Chinese Retail and industry production data released in the early hours yesterday morning, as China is Australia’s key trade partner for the commodity-based exports it provides.
Following the slight increase seen in the wage price index data released this morning, the GBP/AUD paring could see movement throughout today’s trading session and investors will also be watching how the Aussie responds to the Chinese Foreign Direct Investment data.
There will also be employment data released on Thursday which is expected to provide negative readings which could see further Sterling gains going into the weekend.
Clients with AUD requirements should contact their account manager here at Foreign Currency Direct to discuss strategy in relation to any potential transfers, as it could be a volatile end to the week.
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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