Exchange rates are much like weather, accurate predictions are almost impossible. You can make as much preparation as possible but still be caught out by unexpected changes.
Exchange rates like weather do follow reasonably predictable trends with certain limits however. It would be a shock for it to start snowing in July in the UK but not impossible. This is similair to saying GBPAUD could go to 1.70. It could but it is highly unlikely.
Understanding what is driving the rate and is keeping levels where they are is a key component of getting the best deal. All too often we have clients who have a short term requirement and is magically hoping for the exchange rate to climb sometimes 10 cents in a short space of time.
Getting the best rate may actually mean trading at a level you previously did not want to. As many a wise man and woman has stated it is often best to hope for the best, plan for the worst. Some kind of contingency plan is always sensible to make sure you do not miss out. For a free, no obligation discussion of your currency transfers please feel free to contact me directly. Getting your timing on a currency deal is very important so even if your transfer is just a one off do not hesitate to get in touch for more information. Think of it as putting an umbrella in your bag when you don’t know quite what the weather may do. It will only take you a minute to do but could end up being a godsend if you need it.
You can contact the author directly on [email protected] or call (+44) 01494 787 478.