Daily Archives: October 4, 2012

GBP/AUD breaks through 1.58 with the dollar losing 7% against the pound since August.

Pound exchange rates have continued their recent strong run against the Australian dollar breaking through the 1.58 barrier for the first time in 4 months and bringing losses for the dollar to nearly 7% since the first week of August. This is a difference of AUD 22,000 on a £200k position. Should you be looking to buy dollars in the near future then I feel this may represent a good time to take advantage. Likewise should you be selling dollars in the near future and do not have full availability of funds, a forward contract may well be something you wish to consider. This contracts guarantees your rate for a delivery period in the future, to discuss this contract and the process in more detail please email me on mgv@currencies.co.uk

Will the AUD break 1.60?

I feel the pound will meet resistance at these levels and would expect sterling values to fall in the coming months as QE in the UK is likely in November. Yes we may see another interest rate cut in Australia however I do not feel this will happen until the new year. I feel GBP/AUD is reaching its peak short term and can see a correction to 1.55 with a move back towards the 1.60 territory in Q1 2013.

To discuss my views and your thoughts on the current market conditions please contact me either by email at mgv@currencies.co.uk or by calling 01494 787478. Having worked in the currency markets for over 6 years I have assisted numerous clients with their currency transactions, ranging from property completions, monthly mortgage payments and corporate transfers a like. As one of the UK’s longest running independent brokers we have access to highly competitive commercial rates of exchange that our clients take advantage of on a daily basis. Similarly these multiple sources helps keep us ahead of many of our competitors as we actively seek to get our clients the best available market prices.

Should you have an upcoming money exchange to arrange and would like more information on the service we provide as for Mike a mgv@currencies.co.uk  and I will gladly assist you.