So it seems that just as we all expected the Australian Dollar to continue to weaken against a host of the major currencies, the AUD is starting to get back too its old habits by strengthening and strengthening again.
We have seen in the space of 2 months the rate against the pound go from 1.90 (0.5263) to a low today of 1.7897 (0.5587) This is a movement of 5.8% in this time-scale. On a £200K purchase this is now over 22000 AUD less than at the peak of the market. If you are looking at selling AUD to buy GBP then you have saved yourself the same volume for buying £200K. If you are looking to capitalise by selling AUD or wish to stop the loss by purchasing the currency you ned then feel free to email myself Ben Amrany at [email protected]
The trick now is to work out why we have seen the rate increase and where it may head in the future. Last night’s movements for the Aussie seems to be down to comments by the RBA after a speech in which Mr Stevens said there was early, encouraging evidence the handover from mining to non-resources industries in the Australian economy was under way. It was an upbeat speech about the economy and this could now give the currency a further boost should they be lending more to individuals and trying to get the GDP of the country higher. In China they are thinking of implementing stimulus programmes to boost their economy and this could cause a big surge of funds into Australia assisting the AUD to surge further.
It is amazing how quickly the scenario can change in currency. A few months ago I felt that the AUD would continue to strengthen but now if I had AUD to sell I would see if the rate strengthens further before acting. If I was now buying AUD I would not be taking to big a risk and trade on any small spikes that may occur. All of you will have different time-scales and requirements and depending on your circumstances I can talk you through the options that are best for you. If you enjoy reading this website and have a need to make an exchange why not get in contact and we can see if we may be able to help make you a saving on your currency exchange. Just 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]