As predicted in my previous article over the weekend the Pound briefly touched 1.80 against the Australian Dollar but has failed to maintain the levels just yet.
However, I think it is simply a matter of time as in the short term I think the Pound will be able to make a concerted effort to break past 1.80. This is good news for anyone looking to buy Australian Dollars with Pounds.
Brexit latest news
Prime Minister Theresa May has been speaking this afternoon about the latest update on Brexit and as yet has said little to spark any excitement in the foreign exchange markets.
Theresa May will be going back to the European Union to try and get some amendments to the current deal on offer but is this her just going through the motions?
The likelihood of extending Article 50 is one of the main reasons for Sterling’s strength in the last few days and this is why I think the Pound will be able to break past 1.80.
Problems with the Australian property market
Another reason why I think the Australian Dollar could be struggling is down to the problems in the housing market in Australia. Property prices in both Sydney and Melbourne have seen a fall in recent months. As a lot of Australians’ wealth is tied up in their homes, could this start to adversely affect consumer spending and then have a negative knock on effect on Australian GDP data?
With Australian unemployment coming out on Thursday morning, if this comes out lower than expected this could be the catalyst to see the Pound improve against the Australian Dollar.
Having worked in the foreign exchange industry for 16 years I am confident that not only can I save you money on exchange rates compared to using your own bank, but also help you with the timing of your transfer. If you would like a free quote when buying or selling Australian Dollars then contact me directly for a free quote using the form below. I look forward to hearing from you.