Sterling exchange rates have remained relatively stable against the Australian dollar today with the high/low ranging between 1.5281 and 1.5340. Tomorrow is a quiet day as far as GBP and the AUD are concerned and movements again in the short term may well rest on investor confidence. I am a little surprised with the reaction of the market today as I would have expected strength in favour of the Australian dollar following the agreement between euro zone finance ministers and the International Monetary Fund to
reduce Greece’s debt, paving the way for the release of urgently needed aid loans. This lead to an increase in stock indices through an increase in market confidence – however currencies did not react in their typical manner, showing how difficult this market is to predict at the moment. Usually an increase in confidence will come hand in hand with a drive towards higher yielding currencies such as the Aussie, therefore I would have expected yesterdays news to have lead to an increase in demand for AUD and hence an increase in price. This has not been the case and suggests the market is likely to remain range bound between 1.52-1.54 for the foreseeable future.
Should you have an upcoming currency exchange and you would like to get a detailed analysis of the current market and to see what rates of exchange we can achieve when compared to your bank or current provider then please contact Mike on 01494 787478. Having worked in the currency industry for over 6 years I would be happy to pass on some of this knowledge to you to help you maximise your exchange and get the most out of the current market. Alternatively please email me at [email protected]