2.08 reached on the markets briefly!
Sterling has strengthened across the board this morning. The amount of capital flying into safer currencies such as the Pound instead of the Euro, due to the increased potential of a ‘Grexit’, is staggering. This is causing GBP/AUD rates to artificially inflate in the short term.
We are trading very close to 7 year highs against the Australian Dollar, as a result of poor economic performance in Australia as a result of low commodity prices. This recent influx of capital to bolster GBP/AUD in the short term is a gift that should be jumped on.
When rates are this high they become too tempting for many to ignore, as such people buy AUD months in advance of when they will need their funds, which collectively drives up the value of AUD through demand. So the lesson here is to be the first through the door, otherwise your transfer will become increasingly more expensive.
I have family in Melbourne who bought their AUD this morning on my advice, and I would encourage anyone else to do the same. As mentioned above, these current rates can be pegged for up to 12 months so that you are not left exposed to further market volatility, and you can budget more effectively. Contact me on [email protected] for more details. Or call 01494 787 478 and ask for Joshua.