Sterling has rallied back towards 1.72 following a statement from Reserve Bank of Australia assistant governor Guy Debelle who has reiterated the central bank’s position that the Australian dollar remains at “uncomfortably high” levels. Debelle also said that an early tapering by the US Fed of its $85 billion bond purchasing programme would have a good impact on the Australian economy as the move should help to weaken the AUD.
This will make this evenings FOMC minutes at 19:00 very interesting reading for anyone with an interest in the Australian Dollar. Any indication towards tapering of QE and look for GBP/AUD to push on towards 1.73/74. Of course no discussion and you could see a slight reversal for GBP/AUD.
Longer term I feel we will see the AUD weaken and would look for a shift to 1.75 and beyond. Anyone buying I would expect you to get more value if you can bide your time, however for sellers the current rhetoric from the RBA should be of concern.
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