With highs to lows of almost 4% last week for GBPAUD exchange rates it should serve as a reminder to ensure you are using a currency broker when exchanging currency. Early in the week following the change of leadership from Julia Gillard to Kevin Rudd this caused the AUD to improve by over 1% against the Pound as markets began to stabilise. The movement on £200,000 was the difference of over AUD$13,000 on a currency transfer so timing is crucial when deciding to exchange your currency.
With new Bank of England Governor Mark Carney announcing that UK interest rates are likely to be kept on hold for quite some time this saw further strengthening of the AUD$ against Sterling. This saw investors plough money into the Aussie for improved returns compared to keeping funds held in Sterling. At one point last week the Reserve Bank of Australia Glen Stevens mentioned that the AUD$ is too strong and overvalued but Carney’s comments saw the movement quickly retract. With both the BoE and the European Central Bank both admitting that interest rates are unlikely to rise any time soon this caused Aussie strength.
For the next few days the market may remain stable until tomorrow when Australia’s business confidence survey is released. If you have an up and coming currency transfer and want to ensure you are getting more favourable exchange rates than by using your bank feel free to contact me directly with a brief outline of your requirement. Working for an award winning fx specialist I’m confident we can help save you money. Tom Holian [email protected]