AUD to GBP forecast
AUD/GBP exchange rate predictions for 2024 and the best time to exchange your money.
Key takeaways
- The banks predict the AUD/GBP exchange rate will be between 0.54-0.59 by the end of 2024
- There is no guaranteed best time to exchange currency, and using an averaging strategy might be your best bet
- Currency brokers can help you lock in an exchange rate ahead of time
AUD vs GBP forecast for 2024
NAB predicts the AUD will hold steady against the GBP in the first six months of 2024 and increase modestly to 0.54 GBP by December 2024.
ING believes the Australian dollar is the most undervalued undervalued currency in the G10 and expects it to make a strong recovery against the British Pound.
In April 2023, Commonwealth Bank predicted the dollar to trade at 0.55 GBP by the end of 2023, then climb to 0.59 GBP by the end of 2024.
Meanwhile, in its July 2023 Market Outlook, Westpac forecast a rate of 1 AUD = 0.54 GBP by December 2023.
Westpac also expects the Aussie dollar to climb slightly against the pound in 2024, reaching 0.57 GBP by December of that year.
Finder survey: Are Australians of different ages worried about a weak Australian dollar?
| Response | 75+ yrs | 65-74 yrs | 55-64 yrs | 45-54 yrs | 35-44 yrs | 25-34 yrs | 18-24 yrs |
|---|---|---|---|---|---|---|---|
| No | 62.07% | 50.29% | 43.02% | 39.9% | 40.1% | 37.61% | 38.14% |
| Yes | 37.93% | 49.71% | 56.98% | 60.1% | 59.9% | 62.39% | 61.86% |
Source: Finder survey by Pure Profile of 1110 Australians, December 2023
What is the best time to exchange AUD to GBP?
The best time to exchange AUD to GBP is when the dollar is buying more pounds. For example, if the Australian dollar is worth 0.50 GBP, you'll get more pounds for your money than you would if it then drops to being worth 0.40 GBP.
Of course, even if you monitor financial news closely, it's difficult to correctly predict future exchange rate movements and even the experts struggle to do so consistently.
If you need to exchange money for an upcoming trip or overseas purchase, it may be best to employ a dollar-cost averaging approach. This means converting your currency in multiple transactions over a longer period of time.
Say you want to convert $1,000 into pounds, Instead of converting it in one lump sum, you split it into 10 separate $100 transactions, which you schedule over time.
This means you'll get the average exchange rate for that period and protect yourself from any big fluctuations in the exchange rate. Just be careful you're not paying a flat service fee each time you convert, as this could make it more expensive.
It could also be worth using a foreign exchange specialist that can provide expert advice on when to exchange currencies to get the best rate.
If you need to send a large money transfer from Australia to the UK, it's also a good idea to choose a currency broker.
Some providers offer forward contracts, which allow you to get an exchange rate today for a transfer that will be sent 12 months or more in the future. Alternatively, you could use a limit order to ensure that your transfer is sent automatically as soon as your desired exchange rate is achieved.
AUD performance recap
2023 wasn't a great year for the Aussie dollar as it fell in value against most major currencies, including the British Pound and the US dollar. Higher interest rates elsewhere around the world attracted investment out of Australia, while China's weak economic recovery has also driven the dollar down.
2022 was a turbulent year for the GBP. Following the country's debt crisis and the short-lived tenure of Liz Truss, the pound plummeted to historic lows in 2022, almost reaching parity with the US dollar in September 2022. At the same time, 1 AUD reached a high of 0.60 GBP.
But the pound experienced a bounce back during 2023, driven by interest rate rises and conservative fiscal policy. The Australian Dollar reached a low of 0.50–0.51 GBP in August 2023 but mounted a small recovery towards the end of 2023.
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