The Australian Dollar has been weakening of late against a host of major currencies. The pound has recently gained to over a year high and the USD is trading at a high not seen since October 2011. All in all very attractive levels to buy Australian Dollars with your sterling, Euros or US Dollars.
On the trading floor we have been inundated with clients securing their AUD as the rise in just the last month is over 10 cents for against the pound. The main contributing factor to the Aussies losses was comments from the Reserve Bank of Australia stating that they could ease again. Couple this with the fall in GDP down under and that China’s economy is starting to slow there could potentially be further gains. However you should be cautious as the Australian Dollar is a very volatile currency and it can move in one direction or the other very quickly.
If you are looking at selling your AUD I would consider your position sooner rather than later as the losses may continue. With a 5-6% loss recently you should make sure when you are doing your currency conversion that you get the best rate and we will try and make our clients savings of up to 4% over the banks. Feel free to email me at [email protected] if you would like assistance with your conversions.
If you are buying or selling any of the southern hemisphere currencies although there is the possibility that the rate could rise further you may be wise to try and act if any further spikes in the market occur. I can place a rate alert in the system for you which means you can capitalise from further spikes in the market.
if you would like to compare our rates of exchange with that of your bank or currency broker then just email me with your requirement and contact details and we can discuss the options that are available to you. I can be contacted at [email protected] or feel free to call teh trading floor and ask for Ben Amrany to discuss all.
Thank you for reading.