Sterling vs Australian Dollar exchange rates have dropped by almost 5 cents since Tuesday when the Reserve Bank of Australia decided to keep interest rates on hold.
The Pound then gained back its losses for the next two days but fell again yesterday following the Bank of England’s interest rate decision.
The expectation was for 2 of the 9 members to vote for a rate hike but only 1 was in favour of a rate rise which caused Sterling to fall against all major currencies.
This opportunity to sell Australian Dollars to buy Pound Sterling could be short lived as I still believe that the RBA will cut interest rates in the future and the Bank of England will increase rates during early 2016.
With the ongoing crisis in Greece this has also caused global investors to avoid riskier commodity based currencies such as the Australian Dollar.
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]