Today we have seen a bout of Australian Dollar weakness, seeing Australian Dollar exchange rates drop off against the board.
Commodity based currencies saw a sell off as tension rose between Iran and the U.S and we actually saw AUD/USD hit the lowest levels we have witnessed since June 2017 as a result of this.
Poor Australian Retail Sales also were no doubt a contributing factor to this move but it is no doubt that global uncertainty that we now have will impact the Australian Dollar in a negative way.
It has been my view for a while now that the Australian Dollar may be in for a poor year and situations like the latest one between America and Iran will only make matters worse. The Australian Dollar is still perceived as a ‘riskier’ currency so in times of global uncertainty you can see money pour out of the Australian Dollar ind into the so called ‘safer’ currencies such as the Australian Dollar and the Swiss Franc.
Developments regarding political tensions will continue to impact Australian Dollar exchange rates as the week progresses so if you have a large currency exchange to make involving the Australian Dollar then it is important to keep a keen eye on what is happening as it could impact your exchange rate considerably, this is an ever changing situation and we are getting news through 24 hours a day.
If you are in the position where you may need to exchange Australian Dollars in the near future then a limit order may be a sensible course of action, this is where you can set yourself a specific target level and should there be a spike in the market at any time 24 hours a day that makes that level a achievable then your currency will be bought out automatically for you, this is just one of the many tools we offer on our trading floor.
If you would like assistance from me personally with your exchange then feel free to email me (Daniel Wright) with a brief description of what you are looking to do and I will be more than happy to get in touch with you to discuss the options that we have available. Please feel free to email me on [email protected] and I will be pleased to get back to you.