This week (Tuesday morning) the RBA release their latest minutes from the interest rate decision. The RBA cut interest rates two weeks ago by 0.25% to 1.75%.
Many Australian officials from the RBA including Governor Glenn Stevens had been talking down the Australian Dollar in recent months due to the currency becoming overvalued. When inflation numbers plummeted 3 weeks ago it was a perfect reason to cut interest rates and therefore devalue the currency.
If the minutes this week hint that future cuts are on the horizon I expect the Australian Dollar to weaken and there’s a strong possibility GBPAUD could break 2!
I can’t stress enough if you are buying Australian Dollars with the Pound exchange rates were 14 cents less only a month ago making an AUD400,000 purchase £13,000 more expensive.
With the UK’s referendum looming its a surprise to see exchange rates close to 2 when a month ago many analysts believe GBPAUD was going to break into the high 1.70s. In my opinion these rates are worth taken advantage of before rates start to fall in the lead up to the EU vote.
For people reading this website for the first time the currency company I work for enables me to achieve clients up to 5% better exchange rates than the high street banks and other brokerages when buying or selling Australian Dollars.
I specialise in property purchases and sales. Therefore if you are buying or selling a property this year and want to save money by achieving the best possible exchange rates but also want help in timing your transfer, get in touch by emailing me on [email protected].
If you are already using a brokerage and have stumbled across this article because you are simply looking for information in regards to the currency market, I want to help you save as money compared to the brokerage you are already using. For a comparison email me with the exact figures and the currency pair and I will email you with our live buying price.
Alternatively if you would like to discuss your requirements over the phone call me Monday morning on 01494-787478 and ask to be put through to Dayle Littlejohn.