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 Australian Dollar rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
Recent research from Australian lender Westpac has suggested that they expect the Australian Dollar to weaken slightly in 2018, making it potentially cheaper to buy.
There are a number of reasons they are basing this prediction on, including a stronger USD once again, no moves on interest rates from the RBA and a predicted 20% fall in commodity prices.
They still believe that we may see three interest rate hikes from the U.S over the course of 2018 and with little movement from the RBA this may result in a further flow from the AUD into USD.
Westpac feel the Australian Dollar may lose up to 10% over the course of the year should this all happen so if you have the requirement to sell Australian Dollars this may be the time to consider moving.
The GBP/AUD exchange rate did get a little higher in December but only by a few cents, before that we have not seen rates this good since the referendum, so only the slightest weakness from the Australian Dollar could push us above the levels seen just before the referendum.
With no data overnight and nothing to report on from Australia in the past 24 hours we would like to wish our clients and regular readers a happy Australia day.
For those that are not aware this is a bank holiday over in Australia and I would imagine there will be some fairly sore heads in the morning as it tends to result in quite a party.
Due to the bank holiday there are no data releases so Australian Dollar movement today movement will be more likely from changes in global attitude to risk or data releases from elsewhere around the globe.
The next important release for Australian economic data will be inflation levels, these are due to be released overnight on Tuesday night, and unless we see a sharp rise in inflation levels (currently at 1.8%) then I do not see this doing anything to stop the current drop off in value.
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