When will we be trading at 1.60? Not long in my opinion!
This afternoon the pound has weakened against most currencies, including nearly half a percent (at the time of print) against USD. It has not however weakened to the same degree against AUD, re-confirming that that AUD is not in favour for investors.
This Morning Australia released Australian Home Loans (Total of Australian Mortgages), Investment Lending and NAB (National Australia Bank) Business Confidence. Business confidence was down but there was a strong reading for Home Loans. A surprise as a weakening currency is quite often supported by that countries businesses, as it makes it a bit easier on the pocket to trade internationally!
My opinion is that Sterling will strengthen against the Aussie Dollar further, and that in summer we will be trading in the 1.60s.
Should you be looking to sell some Australian Dollars, please drop me a line to discuss your options. There are many contracts available to eliminate potential loss from adverse currency fluctuations.
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