The GBP/AUD exchange rate has dropped back below the 1.7500 mark today we’ve seen the Pound sold off across the board.
After hitting it’s best levels for some time just yesterday we’ve seen quite a steep sell-off during today’s trading session, and this has been triggered by what I would imagine to be profit taking as is quite usual on a Friday afternoon within the UK. There hasn’t been any UK specific data released to prompt today’s sell-off so I’d imagine that profit taking is behind it.
As a currency broker for one of the UK’s largest specialist currency brokers I have felt a decline in positive sentiment towards the Pound over the past week or so, as the hard data out of the UK hasn’t fallen in line with the recent business surveys (Purchasing Managers Index surveys), in the sense that the surveys were particularity bullish whereas the hard data released has disappointed and this has been reflected within currency markets as we’re seeing the Pound fall against a basket of major currencies after rising off the back of the surveys.
The Aussie Dollar has been under some pressure of its own as like with the Canadian and New Zealand Dollar, the commodity currencies price movement will be determined by whether the US raise Interest Rates. If rates increase in the US I along with many economists am expecting a fall in the Aussie Dollar, so Aussie Dollar sellers should be aware of this relationship between the two.
If you want to be kept up to date on the markets and you would also like to ensure that you are getting the very top levels of exchange for an imminent currency transfer or even a longer term one then I can help you with this.
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.