The Australian Dollar has lost ground against most major currencies in trading today following comments from the Governor of the RBA (Reserve Bank of Australia) mentioning that he would be keeping an open mind on intervention to weaken the Australian Dollar in the near future.
This confirms the constant opinion that the RBA feel that a strong Australian Dollar is damaging the Australian economy and that there is certainly further scope for another interest rate cut in Australia in the near future.
An interest rate cut is generally seen as negative for the currency concerned and a hike in rates positive so a cut in rates again may further weaken the Australian Dollar and even the pure speculation of this and other possible measures coming into play may weaken the Australian Dollar further against the Pound and could push Sterling – Australian Dollar rates closer to 1.80 in the lead up to Christmas.
Of course anything can happen as we all know though so if you do have a pending currency transfer to carry out and you want to get the very best rate of exchange for it along with having a proactive, knowledgeable and vigilant currency broker on your side then please do feel free to contact me directly and I will be happy to help you.
You can email me directly on [email protected] with a description of what you are looking to do and a contact number and I will be more than happy to get in touch.