1.70 On The Markets!
Today has seen GBP-AUD nudge through the 1.70 mark for the first time since August 2010. As 1.70 was seen a level of resistance it may be an indicator for potential further gains for Sterling.
This week has not only been incredibly volatile on the Sterling side of the currency pair (UK Interest Rate Decision, UK Forward Guidance Comments), but we have also had comments from Reserve Bank of Australia Governor Glenn Stevens. Stevens has left the door wide open for another interest rate cut in Australia, due Tuesday next week. As a reduction in interest rates is linked to a weak economy, we could see a more sustained period above 1.70. If you are looking to buy Australian Dollars, please get in touch to arrange a plan of action to maximise the potential upcoming market movements.
If you are selling Australian Dollars, I would be tempted to the exchange booked ASAP!
There are various options available to you to eliminate the risk of markets moving against you, I would be happy to explain them for you!
01494 787 478