The recent turned for buying the Australian Dollar has certainly been very much in Sterling favour. GBPAUD exchange rates have hit 3 month high earlier this month showing gains of almost 6% since the lows during the last three months. The Aussie Dollar is heavily influenced by commodity prices which have seen a fall recently particularly in iron ore and as a major exporter of raw materials this has seen a drop in its value. A fall in output and demand in China has also led to problems facing the Australian economy and future growth forecasts. The New Zealand Dollar which tends to loosely track the GBPAUD exchange rate has also seen a drop in value as has the South African Rand.
There is a chance that the Reserve Bank of Australia may cut interest rates at its meeting next week in a possible attempt to devalue the AUD which is extremely strong and has outperformed most currencies this year. However, if rates are not cut we could see a further strengthening of the AUD so if you have a currency transfer to make it may be worth contacting me to discuss the various options Tom Holian [email protected]
European stock indices have all fallen today following the strikes and riots in Greece which has added to the instability in the region creating a number of good buying opportunities for those needing to buy Australian Dollars and a Bank of Spain report showed that the Spanish economy had continued to shrink at a significant rate in the third quarter of the year.
If you need to convert Australian Dollars and would like to take advantage of commercial exchange rates even for private individuals please feel free to contact me Tom Holian [email protected]