12/20/2023 0 Comments Westpac australia currency rates![]() GBP/AUD posted gains to near 1.83 on Wednesday, the strongest position for close to 6 months as weaker equities undermined the Australian currency. In contrast, the UK runs a substantial current account deficit. Exchange rate: Westpac will convert your money using Westpac’s current exchange rates, they also say that no fee is charged but we may apply a spread to the interest rate quoted: Wise uses the actual mid-market rate to convert your money: Available currencies: There are 15. Westpac also notes that Australia is running a current account surplus which will provide underlying currency support. A small fixed fee, that differs per currency. “The Aussie should also outperform the pound if global risk appetite improves in coming months, which seems likely given central bank policy settings.” In this context, Westpac also expects that conditions will remain broadly favourable. The Australian dollar performance in global currency markets is also correlated with trends in risk appetite. “We continue to see scope for the Aussie to gain on most crosses, as Australia’s export basket will find substantial support from a synchronised global rebound in H2 2021.” Strength in the global economy should continue to underpin export prices and support Australia’s terms of trade. “This UK vaccine outperformance is arguably largely priced by now and the May BoE meeting left the pound a little softer.” Medium-Term Dynamics Favour the Australian Dollar AUD)įrom a medium-term view, Westpac remains optimistic over the Australian dollar outlook as global central banks continue to orientate policy towards boosting growth and employment. If fears increase over the Indian variant increase, the Pound will also be vulnerable to renewed selling if concerns over the Indian variant increase. Nevertheless, Westpac expects that the currency will find it difficult to gain further support from the successful UK vaccine programme. “GBP/AUD could print fresh highs since November 2020, given Australia’s high profile tensions with China and the flare-up of Covid-19 cases in other key Asian trading partners.” Relations with China remain tense and there have been increased reservations over coronavirus developments in Asia. ![]() Mastercard Prepaid Management Services Australia Pty Ltd (ABN 47 145 452 044. BACK Buy Currency All currencies US dollar Euro. Our currency converter can also help you easily compare exchange rates. Westpac notes that the Pound can remain firm in the short term, especially with reservations over Australian developments. Buy your foreign currency online here, then pick up at your nearest Travelex store. “Our baseline view on GBP/AUD is for the pair trend down towards 1.78-1.79 end-June and 1.75 end- September.” Pound Sterling (GBP) Still in the Driving Seat but UK Positives Priced In The bank expects that the Australian dollar will gradually strengthen given global central bank policies while the UK recovery has been priced in already. ![]() Westpac considers that the Pound to Australian Dollar (GBP/AUD) exchange rate can strengthen slightly further in the short term and could approach the 1.8500 area. Convert major foreign currencies to and from Australian dollars. ![]()
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