With the currency markets moving every two seconds, it can be vitally important to be aware of what is driving the currencies in or out of your favour. The below table shows the difference in Aussie Dollars you would have achieved when buying £200,000.00 during the high and low trading points of the past 30 days.
|Currency Pair||% Change||Difference on £200,000|
The Pound has made some small gains vs the Australian Dollar recently, hitting the best rate to buy Australian Dollars in 4 weeks. Hurricane Irma has caused many of the commodity based currencies to weaken during the last few days including the Australian Dollar, New Zealand Dollar and South African Rand. With the US suffering owing to the devastation caused in the last few days the riskier currencies have all weakened as global investors await the cost of the recovery operation in the US. The Australian Dollar has fallen against the US Dollar and the weakening down under is being reflected against a number of different currencies including vs the Pound.
The Pound tipped past 1.65 during yesterday afternoon’s trading session after the UK posted some very high inflation data, which has created some excellent opportunities for anyone looking to transfer Australian Dollars.
Tomorrow morning brings with it the latest set of Unemployment data in Australia as well as Consumer Inflation Expectations. Also overnight the Chinese release their most up to date Retail Sales data. I fully expect a lot of volatility overnight and I think combined with some positive inflation data in the UK, I think if the data is lower than expected overnight I think we could possibly even tip past 1.66 on the Interbank level.
Therefore, if you’re considering buying Australian Dollars in the short term it may be worth looking at organising a currency transfer to take advantage of these month highs to buy Australian Dollars.
Owing to the time difference between here and Australia even though you may not be able to speak with your account manager outside of trading hours it may be worth looking at utilising a Limit Order which allows you to set a pre-determined rate which is automatically triggered if we are able to buy at your desired rate.
Thank you for reading today's Australian Dollar report, if you have any questions about an upcoming transfer I would be more than happy to discuss them – you can contact me with any queries here.