Following a huge loss for the Australian Dollar during Janaury with exchange rates hitting 1.90+ the mid-market is currently trading back into the 1.87 levels after some short term profit taking and a business confidence suvey last week showing the best levels for 3 years. This certainly helped to stop the recent trend but with the Reserve Bank of Australia due to meet on Tuesday to discuss interest rates I think we could be in for a very volatile week.
With an outisde chance that the RBA may cut inteerst rates this could see huge Aussie wekaness if this takes place. Recently both South Africa and Turkey have changed interest rates to help their respective economies but I think we’ll see the RBA remain quiet. If rates stay the same I don’t think we’ll see much movement for GBPAUD exchange rates but if you’re worried about the uncertainty then contact me to discuss your various options.
The Bank of England will meet on Thursday to discuss interest rates and any QE. The likelihood is no change for either so I expect Sterling to remain strong across the board. There are however a couple of big data releases for China including PMI for services which if low could send GBPAUD rocketing again as global investors worry about the Chinese slowdown and the impact on the Australian economy.
If you have a currency transfer to make and want to save money compared to using a bank to buy currency then contact me directly Tom Holian [email protected]
Having helped thousands of happy customers save money I’m sure I can help you too.