The Pound to Australian Dollar exchange rate continued its march towards 2.2000 as gold prices fell below the $800 mark for the first time in years, the expectation that the RBA is going to cut interest rates soon and that Foreign Exchange Traders are dumping their carry trades (selling Australian dollars and buying back Japanese Yen) a very similar story to what is happening to the New Zealand Dollar.
This is good news if you are going to buy Australian dollars in the coming weeks as the 2.20/2.30 becomes an achievable exchange rate again and no longer seems like a pipe dream it did only 6 weeks ago. Foreign Exchange markets do deliver swift justice.
Although there is no good news for the Pound which looks like it is heading below 1.8000 and may even head towards 1.7000 to 1.6500 as the endless bad news fails to hault the selling.
If you do need to Buy Australian dollars and looking for the best exchange rate
contact us and we will help you achieve the best exchange rate possible
Bye for Now
IMS Foreign Exchange
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