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How Is The Pound Performing Against The Australian Dollar?

20 April 2009, 11:24

There is something about the relationship between the British pound and the Australian dollar that makes for a really up and down set of statistics.  The exchange rate really can swing between fantastic highs for the pound and gloomy lows as well.

We have seen this again recently, although the results have not been good as far as the British pound is concerned.  The currency converter has not given us a good run for our money, and this news story on the Exchange My Currency website gives us a mere glimpse of the actual picture.  You can read the story by visiting this link.  This was evident in mid March – so you can see how things have progressed since then.

Way back at the beginning of March the exchange rate was 2.2271 Australian dollars to the British pound.  By the time the news story was published on the 14th March, the exchange rate had dropped way down to 2.1244.  That is a drop of over ten cents in a fortnight.  Could there be yet worse to come, or would there be something of a reprieve?

There was a brief moment of hope a couple of days later as the exchange rate climbed back up to 2.1377, but it didn’t last long.  The following day saw a slump back down to 2.1180, and the week as a whole finished on 2.0952.  This now seemed quite a way from the 2.2271 we started the month with – would it get better or worse from here?

After a marginal improvement on the first day of the following week, there was a better one on the Tuesday.  The closing figure was 2.1009.  But yet again the pound was unable to keep hold of its improvements, and the exchange rate dropped the next day to 2.0892.  And once again before the week was out the pound was looking steadily weaker against the Aussie dollar, by closing on 2.0710.

There was something of a pattern developing here because the week beginning the 30th March actually saw a better figure on the Monday, of 2.0865.  And once again that disappointed us the next day as the pound couldn’t find the strength to hang on.  It dropped back to 2.0644 and the figure we started the month with seemed like nothing more than a distant memory.  It certainly didn’t seem to be anything that we could regain any time soon.

By the 2nd April we had dropped down to 2.0590, and suddenly the horrible thought of dropping below the $2 Australian dollars mark seemed like it was on the horizon.  We didn’t quite stoop that low thankfully, although by the time trading closed for the Easter break we had managed to slump slightly more and hit 2.0560.  That would give us something to think about while the short holiday was underway.

So what will happen in the future between the Aussie dollar and our British pound?  The pound has been struggling for some time as we know, but this has been quite a remarkable and quickly attained loss that we should be concerned about.  The key is to keep an eye on the figures and explore the exchange rates for the coming weeks.  You never know, we may yet fight back and make some improvements.

 

Comment

  1. Great article. This is just the kind of thing you need to know if you are trying to make a start in the Forex markets. I’m not an expert by any stretch, but I find it helps to read as many of these types of article as I can.

    It’s not good news for me as a Brit if I want to go to Australia though! Do other people think it is better to wait until some point in the future to start going abroad again? After all it’s pretty expensive no matter where you choose at the moment.

    — Jamie K · May 19, 11:45 AM · #

  2. The article above is a little out of date, as the doller during July/August has been floating between 160/170 down 52.71 cents down to the £ since March, but I have had 2.95 to £ The Austraian visitors were crying, now they are laughing and we are crying, but don`t let it put you off going!!!

    — Len Vernon · Aug 26, 05:29 PM · #