The pound rocketed on Wednesday, striking a new six-week high against the US dollar amidst renewed hopes for a UK-EU Brexit trade deal.
Australian dollar to pound exchange rate basics
If you need to send money from Australia to the United Kingdom, you’ll need to convert your Australian dollars into pounds using the AUD/GBP exchange rate. Whether you have to move funds for personal reasons or business purposes, the foreign exchange market makes it possible to send Australian dollars and receive pounds into your UK bank account.
AUD/GBP exchange rate facts
AUD/GBP currency transfers only account for a small proportion of the trillions of dollars moved on the currency market every day, but the exchange rate is still used by thousands of people needing to move money to and from Australia.
- The AUD/GBP exchange rate has been rocky in the ten years since the onset of the financial crisis.
- The AUD/GBP exchange rate peaked at a high of £0.6925 on the 13th March 2013 (its strongest level of the past ten years) as fears of a ‘triple dip’ recession in the UK reached their zenith.
- The lowest level AUD/GBP struck in the past ten years was £0.3777, with the pairing hitting this rate on 11th October 2008 as the UK government prepared a £500 billion rescue package for the nation’s stricken banks and recession loomed. Because the Australian dollar is a more volatile currency (see below) this sent markets running for safer ones.
Currency information for Australian dollar and pound Sterling
The Australian dollar is often referred to as the ‘Aussie’, while the pound is sometimes known simply as ‘Sterling’.
The Bank of England (BoE) started substituting paper money for polymer notes in 2016. Coins are available in denominations of £2, £1, 50 pence, 20 pence, 10 pence, 5 pence, 2 pence and 1 penny.
Why do AUD/GBP exchange rates fluctuate?
The Australian dollar is a more volatile currency than the pound, meaning that it reacts more strongly to events than Sterling. AUD is also correlated to commodity prices, meaning it moves in reaction to shifts in the price of key commodities like iron ore.
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