The Australian Dollar is indeed having a tough time of it lately, once again losing ground against the pound overnight which I have been expecting to happen for quite a long time.
Things are slowly (and I mean slowly) looking up for the U.K and it looks like we may have the opposite situation for Australia, seeing the economy slowing down in tandem with China and also that the Reserve Bank of Australia appear on a mission to weaken away the Australian Dollar as the strength of the currency is starting to become damaging.
I have many friends that are over in Australia and comments from them tell me that certain areas of Australia are performing extremely well yet others are faltering, which is not a good situation longer term.
I said a few weeks ago I believed we were more likely to hit 1.55 than drop back to 1.50 and it happened, personally now I would not be surprised to see the rate hit 1.60 before it drops below 1.55 again, however I do not see it going too far ahead of that level just yet, so it may be prudent to look at putting in a limit order at 1.60 to ensure that if the rate becomes available (even for a matter of minutes at 5am) it will be bought out automatically for you.
We offer this handy contract type here, it is free and really does work well with this particular currency pairing as it does move around a lot 24 hours a day due to the time difference so unless you are awake and not busy 24 hours a day then it could be the option for you.
If you have a transaction to carry out involving wither buying or selling the Australian Dollar for Sterling, Euros, Dollars or any other major currency then feel free to email me directly [email protected] with a brief description of what you are looking to do and a contact number and I will be more than happy to get in touch and assist you.