Pound climbing against the Dollar – Dropping against the Australian Dollar, Thai Baht, South African Rand and the ‘riskier currencies’ as investors start to take a punt again…. Will this last in the current economic climate?
The Pound is starting to climb back against the Dollar which suggests that investors are getting a little confident again but how long will this last?
With a major announcement regarding Greek debt imminent we could see absolutle yanything happen this week, however the longer the European crisis is kept away from being major headline news, the more these ‘riskier’ currencies may continue to climbe against the Pound. If you are looking to Buy South African Rand or Australian Dollars then further European problems should bring you the opportunity you have been waiting for, and in my opinion Europe is a ticking timebomb and merely keeps getting shoved under the carpet until it rears its ugly head again and never has been fully dealt with (and probably won’t be for years).
With this in mind, don’t get too greedy as I cannot see AUD rates suddenly flying up by tens of cents so if a spike does occur (depending on the reasons behind it) then be prepared to lock into a rate.
The GBP-USD rate is indeed now creeping up too, in times of trouble globally the Dollar tends to benefit, in calmer tides investors tend to pull funds back out of the Dollar and are more willing to take a risk again.
The best position to be in if you have a pending currency transfer to carry out is to have someone in the know being your eyes and ears on the market. I can assist you either by highlighting opportunites with a phone call or by placing a limit order in the market for you, a limit order is where you decide on a rate you would like to achieve and should it be achievable even for a matter of seconds it is bought out automatically for you, eliminating the risk of you missing out on a spike overnight. A limit order is completely free and can be cancelled or ammended at any point providing the order has not already been filled.
I shall then give you a call and explain how to proceed.