Australian Dollar Moves on Turkey Developments

Pound to Australian Dollar Exchange Rate Slides as Hard Brexit Bets Build-Up

The Pound continues to see a volatile period against the Australian Dollar with a lack of clear direction as a result of mixed news and data coming from the British and Australian economies.

The Pound still remains on the back foot in the Brexit limbo period whilst Parliament is asleep for the summer recess. Rates for GBP AUD had fallen to levels below 1.73 earlier in the week although a rally in recent days has seen rates push higher to over 1.75 for the pair.  Brexit is about to become extremely interesting when Parliament returns from the summer recess. As far as GBP AUD is concerned this will be the single biggest driver for the pair.

The Australian Dollar has found itself under considerable pressure this year with the trade policies from Donald Trump having an impact on global trade and therefore the Aussie which is normally hampered in times of global uncertainty. China and the US are still at loggerheads in this trade war and this still leaves a period of uncertainty for the Aussie.

The latest developments concerning Turkey have also highlighted added risks for the future of the global economy and this is making investors think twice before moving into the Australian Dollar. The markets have settled down somewhat after the major volatility for the Turkish Lira earlier in the week which rippled through the financial and currency markets. However the sanctions that the US imposed on Turkey still highlight the aggressive mood the US is taking when it comes to trade and there are likely to be more shocks to the system.

Clients with transfers to make whether buying or selling Australian Dollars are likely to be impacted considerably from any further Trump developments.

For more information on the Australian Dollar and for guidance in timing your transfer at the opportune time then please feel free to get in touch with me directly using [email protected].