The Australian Dollar had another fairly poor day on the markets today losing further ground against the majority of majors thanks to poor economic data out from Australia and the continuing concerns over not just economic problems but also now political problems surrounding Europe.
The problem is that in times of global uncertainty investors tend to pull out of perceived ‘riskier’ currencies such as the AUD, NZD and ZAR and move their funds into so called ‘safer havens’ such as the Dollar or Swiss Franc… Even Sterling is starting to become a currency of choice being the best of a bad bunch.
I have said on one of our sister sites www.poundsterlingforecast.com for clients to wait as this would happen, the great news for those buying AUD is that it has, the bad news is for those that have AUD to sell. Just when do you ‘press the button’ on your transfer and bite the bullet and get something booked?
Personally, if it were my own currency I would be tempted to get something done sooner rather than later, we have seen rates slowly creep against you in the last few weeks and yes it is frustrating, but if you look at the facts and figures there is every chance things may get worse.
* With now not just economic problems but potentially serious political ones this will weight down the AUD
* We have already seen one interest rate cut and further may be on the horizon – an interest rate cut is generally seen as negative for the currency concerned
* China is seemingly slowing down and this has been a great backbone for the Australian economy throughout this global economic crisis.
If you have a transfer to carry out be it buying or selling Australian Dollars either now or in the near future then feel free to get in touch and I will be happy to help beat your bank or current broker in terms of rates and service, just email me directly firstname.lastname@example.org using ADF as your subject title.