For a few weeks now I have had many clients waiting to be able to achieve the 1.70 mark for their exchange of Pounds into Australian Dollars and finally I have been able to give some of them the rate they have been waiting for.
Overnight on Tuesday, or Wednesday morning for those in Australia we had news that Australian inflation levels had dropped off to 1.8% from a predicted 2%, leading to the Australian Dollar weakening a little against most major currencies.
The reason a lower inflation figure usually leads to a currency dropping off is due to the fact that lower inflation figures decreases the chance of an interest rate hike. An interest rate hike is generally seen as positive for the currency concerned so if the chance of that happening decreases then usually so does the value of the currency involved.
For those that are tracking GBP/AUD exchange rates, you received a second piece of good news on Wednesday morning (or evening for those in Australia) as we had U.K growth figures released and they too, were a little better than expected year on year.
We have seen GBP/AUD exchange rates creep up because of these two factors and they are now almost at the best exchange rate they have been at this year, as an example a £150,000 exchange into AUD now compared to a few months back will net you almost AUD 15,000 more!!
If you are in the position where you may wish to purchase or sell Australian Dollars in the coming days, weeks of months then this can be seen as a fantastic opportunity for you, with brexit still hanging over the head of the Pound there is always that chance it may drop back again at any time.
If you would like to check that your current provider or bank is getting you the most for your money then why not take advantage of a currency audit which I will be more than happy to do for you. Email me the price you have been quoted, the volume involved and what time you got this and I will get back to you and let you know if you are getting a good deal or if there is a great deal of money to be saved.
We are very transparent here, if your deal is great I will be honest with you and let you know just that, if it isn’t then I will let you know how much more you can get and how I can help you.
Should you wish to take advantage of this then you are welcome to email me (Daniel Wright) on [email protected] and I will be more than happy to get in touch personally.