Selling the AUD sooner is not just a good idea on a fundamental basis, it is also a good idea on a technical basis. The AUDGBP rate has broken through 0.6 in the last 24 hours. This is important because it means there will be further pressure from AUD sellers and despite profit taking, it is likely we will see moves towards the 1.70 / 0.5882 levels of resistance.
The Australian dollar has sold off today because it is looking likely the Federal Reserve in the US will halt their QE stimulus package. This is bad for the Aussie because a slowdown in QE means the global economy could suffer and in such a scenario the Aussie will not perform well. With less money being pumped into the global economy via the Fed investors have withdrawn from riskier investments like the Aussie.
This is major news and coupled with the prospect of yet further interest rate cuts and falling growth in the future, the Aussie could have much further to fall!
If you are considering an AUD transfer whether buying or selling, I can offer information as to when may be a good time to enter the market and a commercial exchange rate. I work for an award winning currency brokerage that has won awards from The Times for our exchange rates and we service clients all over the world!
For more information at no cost or obligation, please contact me direct on [email protected]