We now have a new president of the United States of America with Donald Trump winning comprehensively over Hillary Clinton. This has caused global risk appetite to wane and this has resulted in all the commodity based currencies weakening throughout today’s trading session.
Sterling has increased against the Australian Dollar by over 5 cents from the high to the low and I expect this rally to continue to in the short term.
As predicted in many of my previous articles the Trump win has surprised many and meant that the riskier currencies including the AUD, NZD & ZAR have all weakened against Sterling.
As we move into the next few days I think we could see further volatility and my expectation is for Sterling to rise a little further against the Australian Dollar.
China takes 1 in every 3 shiploads of Australian exports and Trump has previously stated that he will increase tariffs on Chinese goods that it tries to sell to the US so if this does happen this could in effect be catastrophic to the Australian economy. However, I think in practice this is rather unlikely.
If you are looking to sell Australian Dollars to buy Sterling but do not yet have the funds available then it may be worth looking at buying a forward contract which allows you to fix an exchange rate for a future date for a small deposit.
Having worked in the foreign exchange industry since 2003 I am confident that not only can I offer you better exchange rates when buying or selling Australian Dollars compared to using your own bank but also help you with the timing of your transfer.
if you have a currency transfer to make and would like further information or for f a free quote then contact me directly and I look forward to hearing from you.
Tom Holian [email protected]
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