GBP to AUD at 1.8867has risen 2.5% above its 90-day average, range 1.7826-1.8936.
GBP/AUD – the British Pound also rallied strongly against the Australian Dollar. By the close of trading in New York on Friday the GBP/AUD settled at 1.8930. A week ago, GBP/AUD settled at 1.8665. Weekly high traded was 1.8972 (Friday, overnight in New York). The weekly low trade was recorded at 1.8565 which was last Friday’s low.
British Pound Sterling to Australian dollar bank forecasts
The pound strength earlier in the year hit a snag in early April on concerns relating to AstraZeneca shot around which the planned opening of the U.K. economy is heavily dependent on.
Forecasts and predictions for the GBP/AUD exchange rate change all the time, affected by news events and relative sentiment towards the Australian and UK economies and interest rates.
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.
However the pound has shown resilience despite challenging economic conditions, with direction being driven by Brexit and COVID-19 headlines.
NAB have revised upwards their Aussie to pound sterling forecasts now expecting the GBP/AUD rate to be at A$1.88 by June 2022.
Westpac have changed their GBP-AUD forecast from 1.85 to 1.81 by the end of September, which is an upgrade from an earlier projection of 1.7857.
Australia and the United Kingdom signed a free trade agreement in June 2020, which will make whisky and wine cheaper in both countries and reduce tariffs on speciality foods, also easing travel and work restrictions.
Whether the pound will rise or drop in the future against the Aussie dollar is a difficult and the answer really depends on many factors. The best way to consider the current GBP-AUD relative value is to check the change in the exchange over a range of periods to the present day. The below table does this for periods going back 10 years.
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