The Australian Dollar has continued to weaken against both the pound and New Zealand Dollar today. The Aussie Dollar has taken a similar path against both of these currencies weakening to a 4 year low against the pound and a 5 year low against the New Zealand Dollar.
The slowing economy in Australia and growing economies in the UK and New Zealand have meant that there has been a significant decline for the Aussie Dollar against both counter parties this year.
Both the UK and New Zealand’s reserve banks seem keen to hike up interest rates in the future while Australia is sitting on all time low rates to keep the currency as weak as possible to improve their exports. There is the possibility that we could see the AUD weaken further against both GBP & NZD going into next year. In about 8 hours time the RBA will release their minutes from the last interest rate decision and the markets will be eagerly awaiting this to see their stance on any further comments regarding weakening the currency. If the RBA come out with similar comments as they have done in the last few months then there may be further declines this week. Should they be happy with the current levels for the currency then there may well just be a slight reversal for the AUD.
I have learnt over the years that things can change very quickly in the currency markets and the current levels for buying the Australian Dollar are very attractive. Although there is scope for further improvements in the rates in the next month or so you may not want to take the risk with the rate declining by 1 or 2%.
I can help you decide when may be an advantageous time to convert while offering you a significantly better rate of exchange the banks in the UK, Australia and New Zealand.
If you are selling the AUD then I wish I could tell you that I can see the currency strengthen by 5 or 10% against both the pound and Kiwi Dollar but I feel this is unlikely due to the stance of the RBA. If you do need to sell and buy the pound or Kiwi Dollar then my recommendation would be to stop the loss and secure teh currency you need sooner rather than later. I have had many clients do this in the last week or two.
We assist many clients in all parts of the globes buy all of the major currencies. If I know more about your time scale and volume we can try and help you maximise your exchange and offer you a significantly better rate than the banks. Please do feel free to contact myself Ben Amrany at [email protected] and I will discuss all teh options available to you.
If you are in the situation needing to move money internationally and looking for the best price – please feel free to contact the author – Ben Amrany – via the telephone number at the top of the page or via email at [email protected]