The Australian Dollar was under pressure yesterday with significant losses after the Reserve Bank of Australia Governor claims that the Aussie Dollar is still to strong and overvalued. He stated that he feels the AUD has further to fall and also hinted that further interest rate cuts could occur in the future to help weaken the Aussie Dollar.
Yesterday the pound gained around 1.7% against the Australian Dollar as events in Portugal where government ministers have resigned over austerity cuts have spooked investors and it seems they were selling off their positions in riskier currencies like the AUD & NZD and were moving back towards the safe havens like the USD.
If you missed the opportunity a couple of weeks ago when the pound spiked at 1.70 against the AUD then yesterdays movement has given you the opportunity to exchange your funds at nearly a three year high. If you are selling Australian Dollars the losses over the last month or two will be hurting you. If you are hoping or wishing that the market will move back in your favour and you are holding off, I feel that this is a very risky strategy. All the signs are that the Australian Dollar will continue to weaken over the next few months and you could be throwing your funds away.
So if you need to move funds to Australia or looking at repatriating funds from Australia to the UK, US or Europe then please do contact me at [email protected] with your contact details and requirement and I will explain the options that are available to you. There are diffent options depending on your circumstances, timescale and volumes and I will be happy to run over all of this with you. If you are based in Australian I can call you at a time which is convenient to save you the costs.
Thank you for reading.