Pounds to Australian Dollar Exchange Rate tumbles

Hi All

Last night the Australian Reserve Bank realease it minutes of its last meeting - in short they have stated that the central bank had to cut interest rates this month to avoid the danger of a sharper economic slowdown than necessary, though policy could still need to be restrictive for some time to bring inflation down from 17-year highs.

The news wasnt taken that we by foreign exchange traders and the Australian dollar was dealt a fast swift blow and the Pounds to Australian Dollar exchange rate is now trading 2.2750, great news if you are migrating to Australia or live in the UK with an Australian mortgage like me.

Dont get to excited though the comments where meant to suggest that there will be now need for future rate cuts, although I theing the Australian Interest rate outlook is interest rates back in the 6% band as the Australian Housing market is still suffering and is also one of the countries biggest employers and the australian government needs it firing to keep employment down and GDP up.

Bye for now

IMS Foreign Exchange -

Please contact us for the Best Australian Dollar exchange rate