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The GBPAUD exchange rate has broken through 1.55 again today as Sterling continues to improve against many major and minor currencies. The Reserve Bank of Australia left the interest rate unchanged as the majority expected and with no stimulus this has seen a movement away for the AUD into safe haven currencies including both the GBP and USD. Looking to the US for guidance I think Ben Bernanke during the Jackson Hole summit has left the door open for QE3 which could mean further sell offs of riskier currencies. Following the announcement of the RBA to keep interest rates on hold the monetary policy statement missed off a few key bits of information. There was little or no indication of any further monetary policy, no reference of the problems of a strong currency and three no reference to the falling prices of iron ore and other natural resources. It is clear in recent memory that the Australian economy and in particular its currency rates has strengthened owing to the mining industry and the relationship between China and Australia so with a slowdown in China and a drop in prices of natural resources this could have a negative impact on the Australian Dollar meaning good buying opportunities if you need to transfer Australian Dollars.
Australian interest rates currently sit at 3.5% the highest available in western economies and there is no sign whether the RBA will plan to move rates over the next few months as I believe they are still trying to work out if the rate cuts between Novemebr and June have has their desired effects. The events in Europe will continue to dominate the headlines over the next few months and if we see the Euro stabilise we could see a weakening of AUD but if we see further cracks it could see a strengthening of the Australian Dollar.
For further information and how to save money when transferring currency feel free to email me Tom Holian email@example.com
GBPAUD USDAUD Transferring Australian Dollars Moving Aussie Dollars Changing Dollars into Pounds Exchange Rates
The Australian Dollar is continuing to weaken against the Pound as Sterling gains against most major currencies this week. Although the bank profits announced this week were good this has failed to provide the positive news needed to return the Aussie Dollar back to where it was earlier this year. Tomorrow’s US Non-Farm Payroll data will give us a huge indicator as to the strength of the global economy and if the figerus are better than expected we could see the AUD improve against the Pound but with recent US economic data not too positive I think GBPAUD will go up towards 1.58 as a buying price.
Chinese PMI data was lower than expected which has had an adverse effect on the Australian Dollar. The data was lower than the previous reading too. The Australian Dollar is a currency that is heavily affected by news in China and therefore the release was enough to bring the Sterling vs Australian Dollar exchange rate up to 1.5744 this morning. The ADP report published in the US showed only 119,000 new jobs in April compared to 201,000 in March. The currency market will be waiting for the next data release from the US so if you have a requirement to transfer Australian Dollars in the next 24 hours please do not hesitate to get in touch by calling 01494-787-478 or email me directly Tom Holian firstname.lastname@example.org
The exchange rate for GBPAUD$ has risen by 1% this morning following the surprise announcement by the RBA to slash the interest rate by 50 basis points. As you may have read yesterday the consensus expectation was for a 0.25% cut so the market was a little shocked by the decision and the rate for buying Australian Dollars has hit 1.5728. This is a 5 month high for Sterling vs Australian Dollar making it a very attractive time to transfer Australian Dollars. Weaker than expected UK PMI data has come out but the rate cut overshadowed the news. However, all it not necessarily rosy for the Pound as Australia still has a very attractive interest rate of 3.7% the highest interest rate amongst the major currencies so for those looking for a strong yield the Aussie Dollar is still a good option.
Also out today was the House Price Index which showed a fall year or year of 4.5% compared to the anticipated 3.9% another reason why Sterling is so high against the AUD. Tomorrow morning in the UK sees the release of the Halifax House Price Index which if positive could see GBPAUD increase towards the next resistance level of 1.58 so if you need to send Australian Dollars please consult your currency broker to discuss the available options to ensure you are offered competitive exchange rates. The UK also releases official figures for UK Mortgage Approvals due at 930am tomorrow so keep a close eye on the markets. With the economy down under appearing to cool in some sectors exchange rates for GBPAUD could test the 1.60 territory during this quarter.
For more information feel free to call me Tom Holian 01494-787478 quoting ‘Australian Dollar Forecast’ for preferential exchange rates for transferring Australian Dollars or any other major currency pair.
The Sterling Australian Dollar exchange rate has continued to improve to as high as 1.5670 during the trading session today after a low reading on producer inflation data. Chinese economic data for PMI showed a reading of 49.1 in April, below March’s figure of 48.3 which although positive it is still below 50 so therefore represents a contracting economic environment. The Australian Dollar forecast for the Pound is looking up at the moment with many looking for an exchange rate of 1.60 to the Pound as the next level of resistance.
The interest rate is the main news on the agenda and the chance of a rate cut differs from day to day and at the moment the chances are that the RBA will cut the official cash rate from 4.25%. If the rates are cut in May there is also the potential for them to be cut in June too. If you need to transfer Australian Dollars and want to find out the benefits of using a currency broker. Contact Tom Holian email@example.com