The Australian Dollar can be greatly affected by global attitude to risk and as you can see with all that is going on around the world at present, the AUD is being sold off as investors seek to stay away from perceived ‘riskier’ currencies such as the Australian Dollar, New Zealand Dollar and South African Rand.
We have seen GBP/AUD exchange rates break through the 2.20 barrier on couple of occasions of late but only for a very short period of time. With this in mind if I had Australian Dollars to buy I would personally place a limit order in at 2.20. A limit order is where you can set a target rate and should that buying level become achievable, even for a matter of seconds then your currency will be bought out automatically for you. The order can be cancelled or amended at any time as long as it has not been filled and there are no extra costs to use this handy market tool.
This is something that we offer here and we can achieve much better rates of exchange than very well known Australian Currency brokers so if you feel that this may be a good option for you then feel free to contact me directly by emailing [email protected] and I will be more than happy to set you up.
Later this week we have Non Farm Payroll data out from the States and this can have a huge effect on all major currencies, as it essentially shows the number of people in non agricultural employment over in the U.S and is a great barometer as to how the global economy is performing.
If you need to buy or indeed sell Australian Dollars in the coming days, weeks or months then it is well worth contacting me directly. As mentioned we can generally better any rate of exchange out there along with helping you to try and time buying your currency correctly. Feel free to email me (Daniel Wright) on [email protected] and I will be more than happy to get in touch with you personally.