Political anxiety weighed heavily on the pound yesterday as Theresa May agreed to set a departure date after MPs vote on her withdrawal agreement for the fourth time.
Pound to Australian dollar exchange rate overview
Every day relocating families, young professionals, students on working gap years, and expat retirees use the GBP/AUD exchange rate to send their money to Australia.
The pound to Australian dollar exchange rate often sees large fluctuations because of the differing appeals of the two currencies.
Key facts about the GBP/AUD exchange rate
Because the Australian dollar is a riskier currency (from an investment perspective) than the pound, GBP/AUD often benefits in times of uncertainty.
Don’t forget! These are interbank exchange rates.
- The GBP/AUD exchange rate was able to hit a high of $2.6473 at the height of the financial crisis.
- The belief that the Bank of England (BoE) was about the raise interest rates in late 2015 pushed the pound to Australian dollar exchange rate to a post-crisis high of $2.2046.
- The UK’s vote to leave the European Union caused Sterling to drop against the ‘Aussie’ to $1.5910; levels not seen since 2013.
Currency information for the Pound and Australian dollar
The pound is also known as Sterling, while the Australian dollar often goes by the nickname ‘Aussie’.
The Reserve Bank of Australia (RBA) pioneered the use of polymer bank notes and Australia now has no paper money. The polymer notes come in denominations of $100, $50, $20, $10, $5. The notes have many quirky names, such as the ‘Pineapple’ ($50) and the ‘Lobster’ ($100).
Australian coins come in denominations of $2, $1, 50 cents, 20 cents, 10 cents and 5 cents. One and two cent coins were used up until 1991, but were discontinued when the value of the metal used to make them exceeded the value of the actual coin.
GBP/USD exchange rate movement
Sterling is often effected by political or economic news; particularly data relating to retail sales and the wider services sector, which provides nearly 80% of the UK’s economic output.
The Australian dollar is known as a ‘commodity correlated’ currency, or ‘high yield’ currency. The Australian economy is heavily reliant upon exporting iron ore, having undergone one of history’s biggest mining booms since 2003. The economy is trying to transition towards a more stable and services-based economy, but commodity prices and global risk-appetite still play key roles in allowing the GBP/AUD exchange rate to rise or fall.
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