The Australian Dollar has been on a rollercoaster ride against a range of currencies this year.
AUD has spiked to a fresh four-year high against the yen as Japan’s new government pledged dramatic changes in monetary easing which is supposed to revive Japans economy. The dollar breached a fresh four-year high of 94.51 versus the YEN, putting it on track to post a 4.5 per cent increase since January 1. Great time to be buying the YEN but I feel the rate could even increase further.
Against the USD the Aussie has been trading at around the 1.06 level as the USD has recently weakened on the back of investors moving into riskier currencies like the Aussie Dollar. This is the highest level since around September 2012. If you are buying USD with your Aussies things are looking very favourable.
Against the pound the Aussie has once again been the winner. The rate has increased significantly since Christmas with a movement from 0.6381 (1.5671) to 0.66 (1.5151) before today dropping off slightly to 0.6557 (1.5250) The increase for the Aussie Dollar has made many of my clients capitalise on the rate increase and sold their Aussies to buy the pound over the last 48 hours. If you are buying Aussie Dollars then things are not looking great but we have been around the same levels for a year or so and it is unlikely that we will see any significant increases in the first part of this year. At least if you move your funds to Australia now you will be looking at getting around 3 times more interest on your funds than you would in the UK.
If you have a requirement to buy or sell the AUD then please do feel free to contact me at [email protected] and I will explain all the options that are available to you to help you minimise your risk to the market. I will also explain how we can help assist you with your money exchange as we can offer significantly better rates than that of your bank. Plus we have a policy to try and make sure will beat any quote that you have been offered.
If you would like to find out more please do email me at [email protected] and I will come back to you straight away.
I look forward to hearing from you.