As a regular reader you will know that we have been predicting the demise of the Australian Dollar for quite some time now and with Chinese growth slowing, the RBA cutting interest rates and the problems on the wider economy down under increasing this is seeing the Aussie weaken. Against Sterling we have seen rates move by over ten cents in the last two months alone and there seems little to slowdown the move so if you’re considering selling Australian Dollars you may with to speak with a foreign currency specialist who are able to secure you improved exchange rates compared to using a bank and one who can provide you with various different types of contract to ensure you don’t miss out on any opportunities that may arise.
With the US non-farm payroll data out on Friday for May which was better than expected we have seen a small sell off of riskier currencies which includes the Aussie, Kiwi and South African Rand. Indeed, Sterling is trading at its highest level since the turn of the year against the aforementioned currencies. In Europe Germany has recently announced that it has cut their growth rate forecast for next year which could have further negative reaction for the Australian Dollar. The Aussie is heavily reliant upon global growth so if one of the world’s leading economies and the strongest in Europe (Germany) this could see further weakening for the AUD.
If you have a currency requirement and would like more information about saving money when transferring Australian Dollar whether it be buying or selling then feel free to get in touch by email Tom Holian [email protected]