This Aussie Dollar report examines the factors that could affect exchange rates in the short term in order to help you stay informed if you need to make a currency transfer. The table below shows the difference you would have received when buying £200,000 at the high compared to the low for the past 30 days.

Currency Pair% ChangeDifference on £200,000
GBP/AUD2.90%AUD $9,450
Australian Inflation and Growth forecasts unchanged

The Aussie continued to post strong gains against the Pound over the course of yesterday, up by more than 1.1% after the International Monetary Fund (IMF) raised China’s GDP growth forecasts from 2018-2020 to 6.4% (up 0.4%).

Trading now when compared to yesterday morning could see you gain an extra 4,500 AUD, highlighting just how important it can be to keep in contact with your account manager here at Foreign Currency Direct who can keep you updated on any significant market movements that could affect your transfer.

The Australian Dollar generally sees gains against its major counterparts with strong economic data from China due to it being the biggest single destination for Australian exports, accounting for one third of all exports.

FOMC Minutes Released Gives AUD Strength

The FOMC minutes released yesterday evening may help send GBP/AUD even lower in the short term as it looks unlikely the FED will raise interest rates in the immediate future. If we did see a further 0.25% FED interest rate hike it would bring the interest rate level equal to that of the Reserve Bank of Australia’s (RBA) 1.5% cash rate. If this were to happen we may see a large level of capital outflow as investors choose to sell off their riskier AUD positions for a safe-haven currency such as the USD as if the return in two economies is equal an investor will choose that with a lower level of risk.
In the early hours of this morning we saw the release of the Australian unemployment rate, participation rate and employment change, the last two of which saw minor upticks to that expected by the market. Whilst there was no significant move this time round with the majority of Australian economic data releases occurring outside of standard trading hours it may be wise to ask your account manager about setting a limit order, which can automatically purchase your currency if the market reaches your target rate.

Thank you for reading today's Australian Dollar report, if you have any questions about an upcoming transfer I would be more than happy to discuss them – you can contact us with any queries on 01494 725 353.

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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.