It's The Best time to Exchange Pounds for Australian Dollars in 2 Weeks

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The pound has reversed its trend against the Aussie dollar as the odds of the feared  triple-dip recession in UK, are much lower.

And with a possible bankrupt Cyprus, there's more wind in the sterling's wings.

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Peter Lavelle, chief economist at Pure FX

21.03.2013

This week:

  • The pound reached its highest point against the Australian dollar in 2 weeks, at 1.466.

  • The Australian dollar hit a 10-week high against the euro, at 0.7581.

  • The Australian dollar climbed to its highest point against the US dollar since 5th February, at 1.0415.

(Please bear in mind, these are the interbank rates at the time of writing. This means the exchange rate may have changed since then.)

Sterling Comes Out Ahead!

uk sterling

It's the best time to exchange pounds for Australian dollars in 2 weeks at the moment, or since 7th March, as the pound hits 1.466.

To put this into context, the pound was as low as 1.4381 on 12th March. This tells us it's since climbed 1.94%, or almost 3 cents.

A £250,000 transfer would hence be worth $6,975 more today than 8 days ago.

Furthermore, looking ahead, I think the pound will keep climbing against the Australian dollar. This is because:

  1. Retail sales in the UK jumped 2.1% in February, significantly cutting the odds of a triple-dip recession. That may boost the pound.

  2. Cyprus is bankrupt, and may soon have to leave the Eurozone. This may also lift sterling, because people turn to the pound in times of global uncertainty.

Hence, watch for the pound to keep rising against the Australian dollar!

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