A busy days trading for the Aussie today, with 6 year highs seen for the Pound. This is a big swing from the 1.80s seen at the beginning of the month and now only 5 cents off of the 2.0 AUD to the Pound forecasted in December!
With the US Dollar strengthening this afternoon, the Australian Dollar weakened as investors move their money from the perceived ‘risky’ commodity currencies and in to the USD safe haven.
The AUD was also weakened by ‘jawboning’ or false market commentary, implying an interest rate cut at the RBA (Reserve Bank of Australia) meeting next week. I don’t personally believe that the RBA will cut rates next week, so if you have an exchange requirement it may be worth taking advantage of sooner rather than later.
Please feel free to drop me a line on AJB@currencies.co.uk or from 08:30 UK time tomorrow morning on 01494 787 478
Have a good evening