The exchange rate for Sterling vs Australian Dollar has again hit the highest level in 3 years as the Aussie Dollar remains nervous prior to the announcement of the Fed Minutes due out this evening. If the Fed announce that they could taper their current QE plan in the US this could have an impact on Australian Dollar exchange rates. The reason is that if the cut takes place tonight more investors will be attracted to the safety of the US Dollar and funds will be pulled out quickly from the Australian Dollar.
The Aussie has been a very big benefactor of capital inflows following the economic crisis of 2008. Trading before the minutes is expected to be very volatile so if you would like to trade prior to the announcement feel free to get in touch by clicking here
Why not test out services by getting in touch for a free quote when transferring Australian Dollars. If you are using a bank or a currency broker to exchange currency I’m confident that I can save you money on the deal. Having worked for one of the UK’s leading currency brokers for 10 years you can be assured of a simple and straightforward explanation of how the process works.
It was also announced last night that Greece is facing a third bailout. The problem this could have for the Aussie means that investors could again look to take funds out of Australia meaning further AUD weakness. The International Monetray Fund last month estimated Greece will need around 11bn Euros over the next two years.
For more information about how to save money or for a free quote send me Tom Holian an email by clicking here