The Australian Dollar has formed a small fight back over the last few days largely down to a help from China. (As Australians largest trading partner anything positive for China helps the AUD.) The questions still remain however – when is the best time to trade AUD. My personal view is that this recent movement is simply a blip and the trend of AUD weakens will probably return. With even their own government stating that the mining boom is over which is the largest part of their economic output, you can clearly see that there has to be a correction in its value. On top of that interest rates have been cut and will probably again within the next 6 months, unemployment is climbing and an election has been called. This all contributes to a weaker AUD which has been the worst performer of the major currencies through 2013 losing over 8%.
However saying that, the currency market never moves in a straight line, there will be opportunities for the quick moving to get the most from the market. Data releases will be key as any that under perform could help you in your situation. For example over the last 2 weeks timing a trade well could have saved you over 3% or have bought you an extra AUD $10,200 on a £200,000 purchase of Australian Dollars.
If you have a pending currency transfer involving the Australian Dollar or any other major currency then feel free to get in touch with me directly as our company not only has won awards for our exchange rates but also our customer service too. We offer rate alerts, spike notification, currency strategies and many other tools to help you save money. You can email me directly on [email protected] for more information and I will get back to you personally.