When the legendary fund managers and notorious currency gurus Stanley Druckenmiller and George Soros said the Australian Dollar was massively overvalued and could see a huge correction they certainly were not wrong. Over the course of the last month alone the pound has gained 8%, the Euro 8.9% and the USD 6.4% and there is little sign of it stopping!
With the prospect of the US winding down its quantitative easing progromme (the FED meet next week and will officially confirm this) the prospect of direct foreign investment to Australia becomes less likely, and this combined with continuing concerns that the mining boom in Australia is faltering, largely due to falling GDP and growth forecast for China, the prospects for the Aussie are still looking relatively bleak. For anyone looking at selling AUD, historically the rates are still very favourable and you it might well be the time to strike before the AUD has chance to fall further.
Should you have an upcoming money exchange to arrange and you would like more information on the currency service we provide please contact the office on 01494 787478 or email me (Mike) at [email protected]