The AUD has been suffering of late, with major loses against all the major currencies. GBP/AUD rates sit near a four year high and the Reserve Bank of Australia (RBA) has been keen to talk down the Australian economy, in order to try and keep the value of the AUD in check.
Therefore this morning’s spike for the AUD will have bought some much needed respite to those investors selling AUD and with positive moves against GBP, EUR & USD it may be that we are seeing a slight realignment during Thursday morning’s trading. Personally I would be tempted to consider my position if I were selling AUD, even at the current levels. With the RBA obviously keen to keep the AUD’s value down in order to increase exports, it is possible we will see these positive moves erased very quickly.
Anyone with a AUD currency requirement should be keeping a close eye on economic data being released over night and a key date will be next Tuesday’s RBA interest rate decision and monetary policy statement.
If you have an upcoming currency requirement and need to be kept up to date with all the latest market developments, or simply wish to compare our exchange rates with your current provider, then please feel free to contact me directly at [email protected]. Alternatively, you can contact one of our experienced brokers today on 0044 1494 787 478.