The Pound to Australian Dollar exchange rate has remained below the 1.70 mark once again today, as Brexit concerns continue to weigh on the Pounds value.
Markets have been quiet today anyway as many wait in anticipation for this evenings first US Presidential debate which is bound to be a talking point tomorrow and I wouldn’t rule out it’s effects within foreign exchange markets.
As markets await this evening there has been a lack of risk appetite and risk taking within markets as daily trading ranges are thin, and commodity currencies such as the Aussie Dollar have weakened off slightly.
Today’s slight weakening of the Aussie Dollar is in contrast with last week, as the Aussie Dollar quietly gained throughout the week and ended up being one of the weeks best performers. Attention was off the currency last week as a number of other major economies were under the spotlight as the US Fed, Bank of Japan and RBNZ all made interest rate decisions, and whilst this was going on AUD quietly outperformed which is why we are looking at a mid-market level below 1.70.
There is a lot of downward pressure on the Pound at the moment as negative sentiment surrounds the UK economy.
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Not only do we give clients up to date market information but we all work for one of the largest and longest serving currency brokerages in the U.K, so even if you have dealt with your current broker or bank for a long time I would be surprised if I could not show you a saving over what they are offering you – You can email me (Joseph Wright) directly on [email protected] and I will be more than happy to contact you personally to discuss the various options we have available to you.