Getting the best exchange rate can be achieved by understanding what is driving rates and the service of a specialist currency broker. Below are movements in just a week affecting the amount in AUD you would have achieved when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
The Australian dollar seems to have entered new highs against most major currencies of late follow a very upbeat assessment of the economy. The Reserve Bank of Australia minutes from the July meeting pointed towards a very strong workforce with wages to match of late and are fairly optimistic that this will continue for some time.
At present the RBA is not in a position to raise interest rates due to a housing market bubble. However, the RBA will look at raising interest rates soon in line with a positive global economic outlook. Most of the value of the Australian Dollar is linked to the value of its commodities; Australian Iron ore, gas and coal. As China’s economy grows so does demand for the Australian Dollar.
Personally, I think that the time to sell your Australian Dollars may have been last week. There are a range of reasons that support the fact that Australia’s economy will go from strength to strength in the coming weeks/months. Investors are currently receiving higher yields from government bonds and seem to be the hot investment of late following a turn away from investing in American bonds following the trouble with Trump and his inability to get things done.
Combine this with an extremely strong economy down under, and it paints a pretty perfect picture for investors to place their funds in the AUD and watch the returns go up. It has been rumoured that the RBA are in a position to raise interest rates 6 times over the course of the next 3 years. If selling Australian Dollars, I’d be in contact with your account manager here so that I could be alerted to events outside of Australia that could potentially strengthen the foreign currency because personally, I don’t see the AUD loosing value anytime soon.
Thank you for reading my Australian Dollar report, if you have any questions about an upcoming exchange I would be more than happy to discuss them – you can contact me with any queries here.
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Excellent, fast service, good rates for Australia and quick transfer of funds. Personal service from a person I have dealt with before.
Daniel was not only informative but patient and gave us options on the lead up to our currency exchange (sale of UK property and moving to Oz). Daniel’s reviews enabled us to gain the maximum value reached this year on the exchange rates. This has made a huge difference to our monthly outgoings and has put us on the right foot for our start down under.