Its been a roller coaster day for GBPAUD exchange rates. The high of the day was 2.0662 where as the low 2.0376. A well timed 400k AUD purchase would have cost you £2,700 less if you have bought at the high compared to the low.
It appear both sterling and the Australian Dollar are weakening at the moment and its hard to predict which currency is weakening more than the other!
The Chinese new year has not helped commodity currencies as we are seeing mass sell offs of commodities. which is weakening the Australian Dollar. Throughout the day investors sold off Australian Dollar positions and fled into bonds and other safe havens, such as the USD and Japanese Yen.
Its been another poor day for the pound. I put this down to repercussions of ‘Super Thursday’, poor data releases and the possible upcoming referendum.
If you are buying or selling Australian Dollars this week, month or year I would recommend getting in touch to put a strategy in place to maximise your trade. In order to protect you against market fluctuations we have different contract options available that will meet your needs and requirements. Therefore if you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Dayle Littlejohn [email protected].