The AUD has in a week weakened by 8 cents against the pound causing some good buying AUD opportunities once again. The currency has also declined by over 4 cents against the USD which is a six month low and we have seen a similar theme against the Euro.
Last night the RBA released their latest minutes from their interest rate decision. The overall theme for AUD buyer and sellers was that the RBA felt that the currency was still overvalued which could lead to further falls for the currency over the coming months.
In the near term for clients buying or selling the Aussie Dollar with the pound the Scottish referendum is dominating proceedings at the moment. We will learn on Friday the outcome of the voting and if the Yes campaign are victorious we will expect a big fall for the pound but if as expected teh NO campaign win the vote then the pound could just push on further against the AUD.
Worries over slower Chinese growth are also hurting the AUD due to the close trading ties between the countries. Chinese factory output grew at the weakest pace in nearly 6 years and growths in other sectors have also cooled. This could lead to fresh stimulus in China which should cause further declines for the AUD.
If you require buying or selling the AUD please feel free to contact myself Ben Amrany at [email protected] with your requirement and contact number and I will call you to introduce our service and explain the options available to you in beating the rates of your bank.
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