The Australian dollar is trading close to its best levels to buy pounds since the start of the year. The pound has struggled against a number of different currencies in recent times, but it has suffered vs the Australian dollar.
|Currency Pair||% Change (Month)||Difference on £200,000|
Overnight, RBA governor Philip Lowe will be addressing the markets and this is likely to cause some movement for GBP/AUD exchange rates. The RBA cut rates recently so any suggestions that further cuts may be coming could have an influence on the value of the Australian dollar.
In the meantime the US-China Trade War continues to rumble on. US Treasury Secretary Steven Mnuchin suggested recently that a deal was close. However, Trump has claimed that a deal was a ‘long way off.’
The jobs market in Australia has come out lower than expected recently and further evidence of this could put pressure on the RBA to consider cutting interest rates once again in the near future.
Yesterday we finally had the long-awaited announcement that Boris Johnson is now the Prime Minister. This gave the pound a short-term boost on the interbank exchange as it confirms what many were already thinking. However, as Boris has still yet to rule out a no deal Brexit the pound is likely to remain under a lot of pressure vs the Australian dollar.
As covered in my US dollar section we could see movement for GBP/AUD exchange rates when the US release second quarter GDP data on Friday afternoon.
Typically, if the news is positive in the US this could strengthen the Australian dollar as it encourages global risk appetite. However, if the reverse happens, we could see the pound movement vs the Australian dollar as we end the trading week.
Therefore, make sure you may wish to in close contact with your account manager who will keep you updated with market movements.
As always, I got an excellent rate. Tom is always helpful and the whole process is extremely quick, efficient and simple.
Tom helped us so much explained every thing and got us a better rate to buy our home in Spain, when we had to pay for furniture went back again and he sorted a rate out for me.
Brilliant service, genuine advice and rapid transfer of money to our French bank account. Tom Holian seems like a friend although we’ve never met!