The Australian Dollar has continued to strengthen against the pound with rates dropping as low as 1.8305. This is a big difference compared to when GBP/AUD was hovering over 1.90. The strength of the AUD today was due to employment figures coming in considerably better than expected which has given the currency a further boost.
There were however some data releases which should have caused the Aussie to weaken. Australian home sales came in worse than expected and a consumer confidence survey saw the weakest reading in 10 months. It goes to show how the employment figures drive the currency markets a lot more.
Looking forward I still feel that there will be an upward trend for sterling against the Aussie Dollar. If we look at events in China (Australia’s biggest trading partner) copper has fallen to the lowest price for around 4 years. Copper is often used a benchmark for China’s fortunes so this low price could add to woes for the AUD in the future. Having said this with the currency markets anything can occur and although I feel the Aussie will weaken it would not surprise me if GBP/AUD to tip below 1.80 at one stage.
If you require an exchange then I can help you beat the rates of exchanges that your banks offer you by sometimes up to 4%. As well as offering a very personal service to give you the information needed to help you judge when you should do your exchange there are not many services out there like ours. If you wish to discuss your requirement in more detail feel free to call the number on this page and ask for myself Ben Amrany. Alternatively you may email me at [email protected]
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]