The Australian Dollar has been extremely volatile of late with declines against a host of the majors but most notably against the pound. We have seen over a thirteen cent high to low movement in the last 2 weeks with the pound now at the high point representing good buying opportunities.
The Scottish referendum result has given the pound a boost but recent comments by the Reserve Bank of Australia and the lower than expected economic data from China has contributed to the Aussies declines. The close trading ties between the two countries mean that when there is a slowdown in economic growth for China the AUD tends to weaken as it can hurt their exports.
Looking ahead the Financial stability report over night followed by the RBA Glenn Stevens speech the day after is likely to keep the AUD fairly volatile. Any change in stance by Glenn Stevens with regards to interest rates could assist the AUD to recover but I feel the pound will remain healthy and try and push another 1% out of the Dollar this week.
If you require assistance to buy or sell the AUD over the coming weeks or months why not contact myself Ben Amrany at [email protected]. I can explain all the options available to you to try and help you minimise your risk to the currency markets and help you beat teh rates your bank will offer you here in the UK and in Australia.
Thank you for reading.