Australian dollar has become hugely less valuable this week as commodity based currencies took a nose dive. This came mid-week when the price of oil feel to a multiyear low. Levels have been over 1.86 this week giving a multiyear high for anyone buying the AUD. A great opportunity in my view if you need funds within the next few weeks or even this month. Overnight suggestions have been made the Australia will be signing yet another large deal with its largest trading partner, China. This one is for cattle and a sign of that they will take delivery of over 1 million cattle a year of a cost into the billions for the Australian economy. This when signed will probably bring back the cost of buying the AUD and is expected in the middle of next week.
Later this afternoon we also have the US non-farm payroll which could make a big difference in demand for the AUD and therefore its cost, it may be worth moving before this release if you can to avoid any disappointment.
For more information on the above and a personal view for your situation please contact myself, Steve Eakins, via email at [email protected]e.co.uk