Best time to swap GBP for AUD
Your questions answered by our Currency Expert John Cameron. Click here to ask your currency question...
On Thursday, 15th September 2016 following question to our expert...
I need to convert a sum of GBP into AUD. There is no great rush and i could probably wait up to 18 months so my question is when do you think i would get the best exchange rate? Should i take advantage of the mini spike of GBP against the AUD that we're seeing now or put it aside and wait for more of a rebound over the next 18 months or so?
On Friday, 16th September 2016 ...
In answer to your question, the Pound has struggled to assert itself against the Aussie since the Brexit vote of June 23rd. The GBP AUD exchange rate tracked down to its lowest rate for years in the weeks which followed the vote and a small bounce has followed for the pair thanks to some slightly ‘less bad than expected’ UK economic data..
However, the Bank of England dropped heavy hints this week that another cut to Base Rate is imminent and the UK government is expected to trigger article 50 of the Lisbon Treaty early in 2017 – both actions will heap pressure on the Pound.
For these reasons, I would consider selling your GBP and buying AUD sooner rather than later.
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