The pound has weakened over the last few months, largely in response to the Brexit vote back in June. GBP/AUD has been weaker than this though, testament to the Australian dollar’s strength back in 2012 and 2013. This strength can be largely attributed to higher commodity prices and strong economic growth signals from China at the time.
The future direction of GBP/AUD will likely be dictated by Brexit headlines over the next few months, which might not all be necessarily negative for the pound, as evidenced by the currency markets’ reaction to the High Court ruling just recently. The perceived volatility may create some good opportunities to convert your pounds to Australian dollars. 2.0000 – whilst it seems a long way away right now – might not be completely out of site.
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