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 jumps versus the Aussie! The pound to Australian dollar exchange rate has hit 1.7615 in the past day, its strongest in over 1 week, or since December 10th.
To put this into context for you, back on December 12th, the pound was as low as 1.7313 versus the Australian dollar, so it's since risen by +1.74% or +3 cents.
At this exchange rate, a £250,000 transfer to Australia would be worth AU$440,375, or +AU$7,550 more than on December 12th!
So if you're a Brit thinking of emigrating Down Under, or importing Aussie goods, it may be a top time to buy your Australian dollars.
Australian Dollar Falls, as China's Economy Slows
The pound to Australian dollar exchange rate has hit this 1-week high, because China's economy has slowed.
First, Chinese retail sales expanded by just +8.1% in November, well below financial market forecasts for +8.8%, and the slowest since 2003. In particular, car sales in China look set for their 1st annual fall since the 1980s.
What's more, China's industrial production rose just +5.4% in November, close to a 3-year low.
This has weakened the Australian dollar, because China is Australia's closest trading partner. So when China's economy slows, Australia's may slow too!
Aussie Weakens, as RBA Warns of Risks to Economy
What's more, sterling has also reached this 1-week high versus the Aussie dollar, because the Reserve Bank of Australia (RBA) has warned of the risks to Australia's economy.
In the minutes of the central bank's latest meeting, the RBA says that "growth in household income remained low, debt levels were high and housing prices had declined."
What's more, the RBA added that "real average earnings relatively [have been] unchanged" for the last 5 years.
These risks may drag down Australia's economic growth in the coming months, thereby weakening the Australian dollar!
Pound Rises, as Clark Defends Brexit Deal
Moreover, the pound to Australian dollar exchange rate has risen, because UK business secretary Greg Clark has defended UK prime minister Theresa May's Brexit deal.
Speaking on BBC Radio 4's Today program yesterday, Mr. Clark said that Mrs. May's draft deal would be "good for the economy" by providing certainty for businesses and investors.
Mr. Clark added that an end to the Brexit uncertainty "is available by endorsing the deal", while a 2nd EU referendum "would likely add to the divisiveness of the past couple years."
So Mr. Clark's upbeat comments have boosted sterling!
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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@example.com.