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Pound Hits 1-Week High Versus Aussie, as Australia's Economy Slows

Market CommentaryPound Hits 1-Week High Versus Aussie, as Australia's Economy Slows
Pound Hits 1-Week High Versus Aussie, as Australia's Economy Slows
Sydney Opera House. Image credit: Mee Lin Woon.

Welcome to Pure FX's latest update of the pound to Australian dollar exchange rate. This tells you when it may be the best time to exchange pounds to Australian dollars, for your money transfer!

Sterling strengthens versus the Aussie! The pound to Australian dollar exchange rate has reached 1.7624 today, its highest in 1 week, or since November 28th.

By contrast, back on November 28th, a week ago, sterling was at just 1.7221 versus the Aussie, so it's since risen by +2.34% or +4 cents!

Were you to transfer £250,000 to Australia at this exchange rate, you'd get +AU$440,600, or +AU$10,075 more than a week ago!

With this in mind, if you're a Brit thinking of relocating to Oz, or a UK firm importing Aussie goods, it may be a top time to buy AU dollars.

Aussie Tumbles, as Australia's Economy Slows

The pound to Australian dollar exchange rate has hit this 1-week high, because Australia's economy unexpectedly decelerated over the Summer.

According to the Australian Bureau of Statistics (ABS) yesterday, Australia's GDP rose by just +0.3% between July to September, well below forecasts for +0.6%, as well as the Spring's rise of +0.9%.

In particular, Australia's economy ran out of puff last quarter, as both Aussie wages and consumption rose slowly.

This has lifted the odds that the Reserve Bank of Australia may cut interest rates below 1.5%, thus weakening the AU dollar!

AU Dollar Weakens, as Aussie Trade Surplus Shrinks

What's more, sterling has touched this 1-week high versus the Australian dollar, because Australia's trade surplus unexpectedly shrank in October, said official data today.

Australia's trade surplus with the rest of the world reached just AU$2,316m last month, according to the ABS on Thursday, below financial market hopes for AU3,200m, and -AU$624m below September's figure.

This is because Australia's imports rocketed by +3% in October, while exports climbed by just +1%, thus cutting the profit Australia makes from its international trade. So this has weighed on the Aussie!

Australian Dollar Falls, as Trump Calls Himself "Tariff Man"

Moreover, the pound to Australian dollar has also strengthened, because yesterday US president Donald Trump said on Twitter that he's a "Tariff Man".

This has inflamed concerns that Mr. Trump may ramp up the USA's trade tariffs on China, even though America and China enjoyed upbeat trade talks at the G20 in Argentina last weekend.

For example, Mr. Trump may lift tariffs on China's imports to the USA from 10% to 25% as soon as March.

This has dragged down the Australian dollar, because the USA and China are close trade partners of Australia, so a trade war would hurt Aussie GDP!

Get A Free Pound to Australian Dollar Exchange Rate Quote

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You’ll get a highly competitive pound to Australian dollar exchange rate for your money transfer!

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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