With no clear reasons to buy into Australian currency traders avoided it today looking for safer options amongst sterling. Sterling rose against most currencies after some positive data sets for the UK underlined the general improvements in the UK economy.
Tapering of some description will happen at some point and this for now is a good reason to avoid the riskier currencies and look for more certain safer bets. I wrote recently why the Aussie is bound to weaken further in the coming weeks and months and you can read this here. Essentially there are too many things that are bound to weigh on investors minds when considering investing in the currency. I think therefore rates will remain very favourable for AUD buyers (particularly with Euros and sterling as these currencies remain strong) but AUD sellers may be disappointed holding out for too long.
Getting the best deal on currency is no easy task! Technically it is actually impossible to get the ‘best’ rate since you only know when you have reached the high or low once you have passed through it and the rate has gone back the other way. However armed with the right information and approach you can easily maximise your purchase with a bit of planning and guidance.
I work as a specialist currency broker assisting clients all over the world to achieve the best exchange rate. Each individual client’s situation will require a slightly different approach which we can quickly assess during a phone call. For more information on our services please speak with me Jonathan on 00 44 1494 787 478 or email [email protected]
I look forward to hearing from you and assisting you