Since the turn of the year the pound has constantly weakened against the Aussie Dollar. With Australia pretty much recession proof compared to the ongoing issues in the UK the pound has weakened to a 27 year low against AUD.
Overnight the pound has finally seen a small gain of 0.7% against the Aussie due to pressure on the Reserve Bank of Australia (RBA) to cut its interest rates. This week the markets were expecting the RBA to cut its interest rates down to 4% and when they did not the AUD strengthened further.
Global events in Europe, China & the US has a massive effect on how the Australian Dollar performs. Investor sentiment can mean that the purchase or sell off of Aussies can move the rates quickly and vigorously in either direction. After all it is the investors risk currency of choice.
If you require buying or selling the Aussie Dollar to buy any major currency then you must keep a close eye on Greece and China. The more bad news that comes out of either economy and we should see Aussie weakness. This however is not set in stone. Australia’s biggest exports are to China and events in Europe help investors decide to increase or decrease their risk.
With current levels up at 1.4792 against the pound I can see a range bound of 1.46 up to a high of 1.50 over the next week. If you are buying Aussie Dollars with the rates of exchange so low you must make sure that you get the best return on your funds.
Here at www.poundsterlingforecast.com we will do everything we can to offer you our expert opinion on all things currency and challenge you to see if we can make you a saving on your exchange. Please contact me email@example.com to compare our rates with your high street bank.
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