Hello, and welcome to my latest update of the Australian dollar/UK pound exchange rate.
The Aussie goes where it’s never gone before!
The Australian dollar hit its highest ever point against the UK pound this week, at 0.6953.
This means the Aussie dollar has never been stronger against sterling, since it was floated in 1983.
By comparison, the exchange rate was at 0.6358 on 1st January this year. It’s therefore climbed +9.36%, or almost 6 pence.
To put that into context, a $250,000 transfer would be worth £14,875 more today than the start of this year.
(Please bear in mind, these are the interbank rates at the time of writing, meaning the exchange rate may have changed since then.)
Furthermore, looking ahead, the exchange rate may keep rising. This is because:
Given that, watch for the Australian dollar to keep climbing soon!
Peter is the chief economist at Pure FX. He's worked in foreign exchange since 2010, and is a close follower of global politics and economics. If you have any questions for him about exchanging Australian dollars, get in touch with the form below. He'd be delighted to help answer them.
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