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
GBPAUD3.1%AUD $10,140

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.

UK GDP Data Lower Than Initial Forecasts

Could US GDP influence GBP/AUD exchange rates?

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.

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Exchange rates on this page are interbank rates and indicate where the market is trading to show the performance of a currency pair. They are not indicative of the rates which we offer. The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.