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The Australian Dollar has surpassed expectation on numerous occasions in the past twelve months and may well have benefited more than any other currency since the start of the global economic downturn. History suggests that it was a currency considered too risky by investors in times of global economic uncertainty and would have been pigeonholed with the ZAR, NZD and CAD as currencies to avoid when times got tough. This is why the one thing you can be sure of is that in the currency markets, there is no such thing as certainty.
Whilst the AUD is not quite sitting at the 30 year high against GBP that it had experienced at the start of 2012, it has still surpassed expectation ten times over. Just to put it in perspective, when this particular blogger went travelling ten years ago, I remember getting 2.6 AUD to 1 GBP and the general feeling then was that 2 AUD to 1 GBP was still nothing more than fiction. In fact if you had told Joe public back then that in 2012 the AUD would at its height, surpass the USD, I think you would have been laughed out of Sydney quicker than if you had predicted a double England Ashes success.
The Australian economy has benefited hugely from the demand in China for its raw materials. China is now considered the second largest global economy and has relied hugely on Australia’s mining sector to fuel this growth. Australia is rich in Gold, Silver, Copper, Iron Ore and Uranium amongst others and it is the export of these materials, along with an increase in skilled immigration that is helping to push its economy and ultimately its currency to new levels.
With the current problems in Europe causing global uncertainty and the UK back in recession the AUD may well continue to surpass expectation for years to come.
If you have an upcoming AUD currency transfer to make, or would like to be kept up to date with market movements down under, then please contact me directly at [email protected] or on 01494 787 478.