Australian Dollar Hits all-time High against UK pound

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With the Bank of England set to inject more stimulus into the UK economy Australian dollar hits all-time high against UK pound.

Peter Lavelle, 7.03.2013

Hello, and welcome to my look at the latest changes in the Australian dollar exchange rate.

By any standard, it's been a good week for the Australian dollar.

Australia's currency hit its all-time high against the UK pound this week, at 0.6851.

To put that into context, the Australian dollar has climbed more than 4 and a half cents since the start of 2013, when it was 0.6394.

Were you to transfer AU $250,000, you'd therefore get £11,425 more today than on January 1st.

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

The Australian Dollar Looks Set to Keep Climbing

Looking ahead, there's a good chance the Australian dollar will keep climbing against sterling, this week and beyond.

Here's why:

  1. The Bank of England is set to inject more stimulus into the UK economy, when it meets today.

    That will weaken the pound, because it means printing money, which devalues the currency.

  2. China, Australia's biggest trade partner, should continue to outperform.

    That will lift the Australian dollar, because China's economic fortune helps Australia.

  3. Australia should extend its run of 21 years without a recession.

    That will boost the Australian dollar, as Australia's economy fares better than Europe and the States.

Given that, not only is the Australian dollar at an all-time high against the pound, but it could soon climb higher too.

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