Pound to Australian dollar rates have been trending lower as the market becomes more concerned over the outcome on Brexit and there has also been rising belief of progress on the trade wars, which have acted as a major drain for the global economy and sentiments generally.
Clients looking to make a purchase of Australian dollars with pounds could find they become unstuck if there is a sudden change in the political situation for the UK. There has been many rumours that we could soon find Theresa May on the ropes once again, having to defend her position as Prime Minister.
UK local elections are just around the corner, with the votes on May 2nd and this will be a big factor in determining the public mood with the Conservatives. There has been a growing expectation that there will need to be some change of approach in order to see Brexit make passage. Concerns over what type of Brexit is on offer could easily see the pound losing ground quite quickly.
This week the focus will be on lots of talks with Labour which are unlikely to yield too much progress with the Labour party spotting an opportunity to make some further headway themselves, by frustrating Mrs May and her party.
The pound seems like it could lose further ground to me, clients with a position to buy or sell Australian dollars versus sterling should be carefully monitoring the situation to make sure they are fully up to date with the market and identifying the most relevant strategies.
On the Australian dollar side, a key focus must be the upcoming Inflation data which is due on Thursday. Clients looking to buy or sell currency in the weeks ahead might benefit from a quick review with our team to discuss the best way forward for any pound to Australian dollar trades in these uncertain times.
Thank you for reading my latest pound to Australian dollar forecast. If you would like more information on GBP/AUD rates or have a currency transfer you would like to discuss please feel free to contact me using the form below: