The Ukraine war and energy crisis has taken over from the coronavirus pandemic as the main theme affecting the GBP to AUD rate & forecasts.
In the first quarter the GBP/AUD exchange rate dropped on the impact of the Ukraine situation on commodity prices — this was good for AUD and bad for GBP.
Since then the pound-aussie rate has fluctuated around the 1.76 level (1 AUD = 0.56 GBP), but as we move through 2022 the prospect of more Australian interest rate rises sooner than expected could boost the Aussie dollar vs Sterling.
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The Sterling to Aussie exchange rate is even more volatile than usual because of the uncertainties around how the British economy will perform post-Brexit and the relative impact on the two economies of the Covid-19 pandemic and russian invasion of Ukraine.
AUD is widely expected to rise to US75¢ by the end of 2022. However along the way the Aussie is forecast to have a volatile year against a range of currencies.
The outlook for sterling looks challenging in its precarious economic environment. In June, OFX say the pound could trade against the euro between 1.19-1.16 EUR and against the USD between 1.21-1.27 USD.
The pound hit a 3-Year LOW in mid May near 1.22 against the greenback (1 USD = 0.81 GBP) — on the bleak outlook for the UK economy and after the Federal Reserve started its long anticipated increase of interest rates.
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.