Very early this morning minutes from the most recent meeting of the Reserve Bank of Australia indicated an optimistic tone that markets were perplexed to hear given the current global market situation. The minutes has a mixed tone overall which is why GBP/AUD buying rates for the Australian Dollar are largely similar compared to yesterday morning.
Glenn Stevens, the Governor of the RBA, noted the success that his emergency measures in 2015 have had to insulate the Australian economy from the recent global downturn. He highlights that consumer spending and house building are up as evidence for this.
However, he did also mention a watchful tone when it comes to regional events which could harm the Australian economy, and therefore the Australian Dollar.
He made particular mention of the ever evolving situation in China, and stated that if China lowers the value of its currency once more, he may need to take similar steps to ensure balance remained between Australia and its trading partner.
This mixed tone of positive elements as well as highlighting the quickly evolving global landscape is why rates have been largely stable this morning.
The main movements on buying rates for Australian Dollars will likely be coming from events in the UK and Europe. David Cameron is meeting with EU leaders to discuss the proposals to avoid the UK’s exit from the EU, and any positive news emerging from the meeting will likely spell severe strength for Sterling.
To put this in context, most banks had forecast a 20% drop in the value of Sterling should the UK leave the EU. Sterling has been losing value as a Brexit became more and more likely. Positive steps to reverse this should have the opposite effect.
I strongly recommend that anyone with an AUD requirement in the coming weeks and months should contact me by calling 01494 787 478 and asking the reception team for Joshua to discuss a strategy designed to maximise your Australian Dollar return.
I can personally outline your options on how to monitor markets this week and ensure you purchase at a peak rather than a trough, as well as supply a live quote on your exchange (I have never had an issue beating the rates of exchange offered elsewhere).
AUD sellers can do the same, as it seems that your 8 cent rally since January may finally be peaking. But with the still 2-3 cent difference between the high and the low of each day puts a premium on being able to move quickly. [email protected]