Getting the best exchange rate can be achieved by understanding what is driving rates and the assistance of a specialist currency broker. Below are movements in just 30 days affecting AUD exchange rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
Yesterday we saw interest rates unchanged by the RBA, which has kept interest rates at a historic low level of just 1.5%. There was also no sign that this will change anytime soon and with consumer confidence very low currently over in Australia. Real time wages remain low and the cost of living and house prices are on the rise. Some people had been expecting the thought of a potential rate hike in the coming months but after last night’s dovish tune at the meeting these thoughts have been dashed.
Tonight we have the import, export and trade balance figures, which can all have the possibility to impact the AUD. With any big differences in these figures we may well see market movements and for those with any AUD requirements I recommend being in touch with your account manager to discuss your various options. At the time of writing this report GBP/AUD rates were just under 1.698 and after yesterday’s news i feel the AUD may struggle further in the coming weeks ahead.
With a lot of movement expected over the coming week in the currency markets and key data releases outside of normal trading hours a limit order is a important tool clients can use to make sure you benefit from trading levels outside of working hours. Very simple once a level is hit within the markets at whatever time of day your currency will be purchased automatically. Please do be in contact with your account broker to discuss any requirements you may have.
For more information on how future data releases could affect your AUD requirement, call our trading floor on 01494 725 353 or email me here.
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I always use Foreign Currency Direct because the rates are competitive and the service is incredibly efficient and it is so easy to make transfers of currency abroad.