During the course of trading this morning the Australian Dollar has managed to start a fight back against major currencies in a week where it has performed fairly well.
I still personally believe that this is only a minor period of strength for the AUD in a situation where the Chinese economy is weighing heavily on the Australian economy and slowly leading to data from Australia being particularly poor.
A number of industries over in Australia appear to be feeling the pinch and for those waiting to see AUD rates get a huge amount better against other currencies, you may be in for a fairly long wait.
Australia performed extremely well throughout the global debt crisis and the AUD gained an outstanding amount of strength, I remember GBP/AUD rates being well over 2.5 (0.40) for a period of time just before 2008, so if the Australian economy still continues to drop off then there is a lot further for rates to drop off before they get any better.
Personally I don’t feel we will go anywhere near as high as that but a jump back up to 2.20+ (0.4545) is certainly not out of the question in the coming weeks.
If you are looking to buy or sell Australian Dollars in the coming days, weeks or months and you want to achieve the best rate of exchange, along with assistance in timing your transfer then it is well worth getting in touch with me directly. We can achieve better rates of exchange than all major brokers based in Australia and overseas and we really go that extra mile to try and help you make the right decision at the right time.
Feel free to contact me (Daniel Wright) on [email protected] and I will be more than happy to help you personally with any transaction you may have.