The Australian Dollar has weakened over night here in the UK with GBP/AUD spiking at 1.6831. I had clients who over the last couple of days had placed limits in the market to try and capitalise should their have been a spike and they achieved this before the Aussie strengthened again to 1.6730. If this is something that may be of interest and you have been watching the market but keep missing a high point then I can explain how we can place a limit in the market for you. Just email me with your requirement at [email protected]
The main reason for the two cent movement was due to the inflation figures which came out of Australia showing a retraction which indicates that an interest rate hike is less likely in the near term which has caused some Aussie Selling.
If you are looking at purchasing or selling the Aussie Dollar there are numerous factors at present that are having an impact on the currency. You have the RBA that have been vocal that they would like to weaken the Dollar and an interest rate cut went some way to assist. Then events in the states with the likelihood that no more QE will occur this year has gone some way to strengthen the currency again. Until the FED in the US do state they will start to taper and stop QE the AUD should remain strong. You also have events in China as any good or bad data will have a direct impact on how the performs.
If you are selling the Australian Dollar then the current levels represent rates about 4% more attractive than a couple of weeks ago but I feel there may be further gains for you unless a member of the RBA come out with comments which go to weaken the Dollar again.
If you need to buy the Dollar then although not as attractive as where we have been you are still significantly higher then the lows of the year which was down in the 1.40’s.
I have been assisting clients with there exchanges for over 5 years now and offer a very personal service. I tend to find that clients who are selling AUD to buy any major the rates we can offer over the bank can be up to 8 cents better. This is a significant saving.
For those that are purchasing the AUD then the savings can be up to 5 cents better than UK and Australian banks. The volume you trade has a big impact on this!! Whichever currency you need we should be able to make you an attractive saving over your bank or currency provider so please do feel free to contact me directly Ben Amrany at [email protected]
Thanks you for reading,