The Australian Dollar has continued to strengthen against the pound and many of the other major currencies after after an upbeat local business conditions survey rose to the highest level in nearly three years. Plus positive economic data from the housing sector showed house prices up to 3.4% in the last quarter.
GBP/AUD has now moved from the high we saw a few weeks ago of 1.92 and is now down trading at 1.8170. This is a significant loss if you are buying the Aussie Dollar. When the pound was spiking at 1.90+ we had many clients buying the AUD on forward contracts to guarantee them the best rates in over 4 years.
Recent comments from the Reserve bank of Australia stating that they will not be looking at cutting interest rates any further went to strengthen the currency and some analysts are now stating that the RBA are happy with current levels for where the AUD has weakened to. Tonight we have Westpac consumer confidence figures being released and if these come out similar to the confidence surrounding local business then the Aussie Dollar may just continue to strengthen.
If you have a currency requirement to buy or sell the AUD we have been assisting many clients buying and selling the currency who are based in the UK and down under. The current levels although not as good as a few months ago does represent a good level to be selling the AUD at as there is every chance it could continue to weaken in the future. If you are buying the AUD I would recommend trading on any spikes that you see from here on in so that you know you are trading at a specific high point.
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]