Welcome to Pure FX's latest update of the Australian dollar to pound exchange rate. This tells you when it may be the best time to exchange Australian dollars to pounds, for your money transfer!
The Aussie flies higher versus the pound! The Australian dollar to pound exchange rate has reached its highest in 11 months today, or since January 12th, at 0.5784.
By contrast, back on October 11th, the AU dollar was as low as 0.5348 against the pound, so it's since strengthened by +4.25%, or +8.15%.
To put this into context for you, a AU$250,000 transfer to the UK at this exchange rate would be worth £144,600, or +£10,900 more than in mid-October.
So this may be the best time to transfer money from Australia to the UK, if you're emigrating to Britain or for your company!
Australian Dollar Rises, as USA and China Reach Trade Truce
The Australian dollar to pound exchange rate has risen, because the USA and China have reached a truce in their trade war.
This weekend at the G20 in Buenos Aires, US president Donald Trump and Chinese president Xi Jinping agreed to postpone putting new tariffs on each other, for 90 days.
Also, Mr. Trump said that he would not boost tariffs on $200 billion of Chinese imports to 25% on January 1st, as he'd previously announced.
This has lifted the AU dollar, because the USA and China are two close trade partners of Australia, so this truce may strengthen Australia's economy!
AU Dollar Strengthens, as Australia's Economy Outperforms
Moreover, the Australian dollar to pound exchange rate has also jumped, because Australia's economy continues to outpace the rest of the industrialised world.
Australia's GDP expanded by +3.4% between April to June year-on-year, the most since 2012, and ahead of the UK, Eurozone or Japan.
This trend is forecast to have continued over the Summer, ahead of official growth data released this week.
If so, Australia will be on course for 27 full years without a recession, confirming Australia's status as the Lucky Country, and giving investors a reason to place money in Australia, lifting the AUD!
Aussie Flies Higher, as Australia's Wages Hits Record High
In addition, the Australian dollar has touched this 11-month high versus the pound, because Australia's corporations are paying more in wages than ever before, it's been revealed.
According to the Australian Bureau of Statistics (ABS) today, Australia's big companies are now paying AU$138.3 billion in salaries to their employees, the all-time record high.
This suggests that Australia's corporations are continuing to hire, and that Australia's strong economic performance is translating into rising living standards for Australian workers.
This will lift Aussie GDP, and the AU dollar too!
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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 [email protected]