It’s been an eventful week for GBP/AUD exchange rate with rates starting the week above 2.09 and then falling to a 6 month low to 2.0350.
The reason for the aggressive shift was the RBA’s decision not to cut interest rates and also AUS GDP figures came out better than expected.
Further to this speculation surrounding the Eurozone’s Quantitative Easing program led investors to sell off their Euros and buy commodity currencies such as the Australian Dollar for profit purposes.
However we saw a sharp U turn yesterday as investors reversed their positions as the ECB under delivered and did not increase the amount of Q.E. like they said they would.
This U turn has pushed rates back towards the mid 2.05s.
For people buying or selling AUD in the future, you should seriously consider your positions. The Australian Dollar is a very volatile currency and can shift in the blink of an eye. Not only do we offer award winning exchange rates, we also have the tools to minimise your exposure to the market in the form of limit orders and stop losses. For further information regarding limit orders and stop losses email me directly on email@example.com.
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