Sterling started the day hitting a new record high against the Australian Dollar briefly touching as high as 1.93 which triggered a lot of Limit Orders at these levels.
However, since that rate we have seen the Australian Dollar recover against the Pound now trading into the mid 1.91 levels.
With unrest in Russia this has caused a big sell off from riskier currencies including both the New Zealand Dollar and Australian Dollar as investors are concerned about the stability of the global economy. Indeed, with oil prices having dropped to a 5 year low this week this had also led to the Australian Dollar weakening.
The Reserve Bank of Australia has hinted that it wants the Australian Dollar to weaken in order to rebalance the economy which has shown signs of struggling recently.
Tomorrow, the RBA releases its bulletin which will reveal further information about economic and financial developments and this could signal further Australian Dollar weakness later this week.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian [email protected]