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AUD Hits 4-Month High Versus GBP, as Australia to Rocket, Says OECD

Market CommentaryAUD Hits 4-Month High Versus GBP, as Australia to Rocket, Says OECD
AUD Hits 4-Month High Versus GBP, as Australia to Rocket, Says OECD
Image credit: Grzegorz Kwiatkowski.

Welcome to Pure FX's latest update of the Australian dollar to pound interbank exchange rate.

This tells you when it's an excellent time to exchange Australian dollars to pounds, for your money transfer!

The Aussie flies high versus sterling! The Australian dollar to pound interbank exchange rate has hit its highest in 4 months in the last day, or since January 30th, at 0.5706.

The Australian dollar has surged against the pound, because the Organisation for Economic Co-operation and Development (OECD) has forecast that Australia will outperform in 2018/19.

In particular, the AU dollar has jumped, because the OECD predicted on Wednesday that Australia's economy will expand by a solid +2.9% this year, and accelerate to +3.0% in 2019.

What's more, the Australian dollar has also climbed, as the Paris-based economic watchdog forecast that Australia's unemployment would fall -0.3% in the next 18 months, to just 5.3%.

“Business investment will pick up, with exports boosted as new resource sector capacity comes on stream" Down Under, added the OECD, thereby lifting the Aussie.

"A stronger labour market and rising household incomes will sustain private consumption. Inflation and wages will pick up gradually," noted the OECD too, thus boosting the AU dollar!

AU dollar shoots up, as commodity prices fly

What's more, the Australian dollar to pound interbank exchange rate has also risen, because the price of commodities, Australia's biggest exports, has moved higher this week.

The Aussie has strutted its stuff, first because the price of iron ore has risen by +3%, to $65.78 a tonne. This means that Australia will make more money selling its iron ore abroad.

The AU dollar has also hopped, skipped and jumped, because crude oil prices have climbed +3% this week, to US$77 a barrel. This benefits the Aussie, as a "commodity currency".

In addition, the Australian dollar has also strengthened, because in Italy, President Sergio Mattarella has given the populist League and Five Star Movement parties more time to form a government.

This has strengthened the AU dollar, because Mr. Mattarella's decision contributes to Italy's, and the world's, political stability. In turn, this makes investors likelier to invest in Australia.

As a result, the Aussie has touched this 4-month high versus sterling in the last day, and may continue to strengthen in future!

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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email peter.lavelle@purefx.co.uk.

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