The Australian Dollar had staged a minor fight back over the last week or two however we are starting to see a little weakness once again following further weaker economic data from China and recent comments from the RBA that they would indeed be willing to act as necessary should the decline in Chinese data continue and the Australian economy start to feel the pinch.
On ‘black Monday’ a few weeks back we hit 7 year highs to buy Australian Dollars with Sterling and I still personally would not rule out seeing a similar spike happening again at some point in the coming weeks and months.
With that in mind it may be prudent to take advantage of limit orders being placed into the market if you are looking to buy Australian Dollars in the near future. A limit order is a free and handy market toll where you can place an order to buy currency at a specified rate of exchange and should the market spike in your favour at any point 24 hours a day, 7 days a week then your currency is bought out automatically for you and depending on the time difference we would then call you to give you the good news.
As long as the order has not gone through you can cancel or amend it at any time so you are not stuck with it forever if the market just does not get where you need it to be be.
When we had the big spike a few weeks back a number of my clients managed to achieve 2.20+ some of these clients had been waiting years for such a great price and it was only around for a number of hours!
If you would like to discuss limit orders in more detail or you simply have an exchange involving buying or selling Australian Dollars at top market prices then it would make sense to get in contact with me personally. You can email me (Daniel Wright) directly on [email protected] with a brief description of your requirement and a contact number and I will ensure I contact you personally.