The Aussie Dollar has surprised the markets today after performing well, despite some downbeat comments from the Reserve Bank of Australia.
those of our readers following the Australian Dollar will be aware that the currency has lost a lot of value recently, with some economists predicting that the downward trend could continue.
Although this blog tends to have a Aussie Dollar to Pound narrative quite often, it’s worth noting that AUD has lost 5% against the US Dollar since the end of January which is a substantial drop even for the commodity based currencies.
When compared with the Pound, there appears to be support for the Aussie Dollar which has so far stopped GBP/AUD going above 1.80 since the Brexit vote. On a number of occasions the pair have got close but each time there is a reversal, so it will be interesting to see the Aussie Dollar goes from here.
The Reserve Bank of Australia (RBA) warned that interest rate rises remain some way off. With the US FED Reserve hiking rates and US banks likely to offer a higher rate of return than AUD based ones soon, it’s leading many economists to predict further falls for the Australian Dollar.
Australian GDP has also been softening with the GDP (economic output) level falling below the 0.5% expectation over the past quarter.
If you would like to be notified in the event of a major market movement for the GBP/AUD pair do feel free to register your interest with me.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.