Australian Dollar fights back below 1.70 (Mike Vaughan)

Today the Australian Dollar has seen some significant gains against the pound pushing below the 1.70 mark. The Aussie rallied in excess of 1% from a high of 1.7185 and bar the NZD was the biggest gainer against the pound on what was a poor day for sterling exchange rates.

The market levels are proving to be highly unpredictable with this pair as just two days ago the pound rallied past 1.73. For me anyone selling AUD should look to this as an opportunity as much of the movements for me can be attributed to the US government shutdown and growing uncertainty surrounding the ‘will they wont they’ approach to the tapering of QE. For me this uncertainty may continue for the next week or so but it is likely an agreement will be reached and as a result the AUD should weaken, likewise I am a firm believer the FED will taper, but the question is when? But when they do expect the Aussie to weaken. For this reason should you be buying AUD and you can bide your time I am confident you will get more value for your money.

Should you have a upcoming exchange to arrange and you would like further information on the currency service we provide then please get in touch on 01494 787478. Alternatively please email me with a brief overview of your currency transfer and I will get back to you with a number of options to help maximise your money transfer. Email Mike at [email protected]