Pounds to Australian Dollar now 2.4800

Hi All,

To everyone's surprise the Pounds to Australian Dollars exchange rate has rallied to the highest point this year. That GBPAUD Exchange rate is currently 2.4880 from 2.2800 a change of 9% change on the day, almost unheard of in the world of foreign exchange. I am at a loss to explain the massive change in the AUD exchange rate but the general sentiment is that it is outright panic and foreign exchange traders are running to the safe havens on the Swiss Franc and the Japanese Yen. ( Is the Australian Banking System really that bad shape that traders are scared about borrowing from Japan to invest in Australian government back bonds at 7% or 6.5% after the interest rate cut - it appears so)

Although the Reserve Bank of Australia is expected to cut Australian interest rates by 0.50% this response is ridiculous and I expect the the Australian Dollar to come back to the 2.3000 level shortly which is more realistic as the Bank of England. What has made matters worse is that there is Public Holiday in Oz that is leading to extremely thin trading conditions and exacerbated the move.

But for those of you in the UK thinking about emigrating to Australia or paying off an Australian Mortgage it is music to your ears as being in the UK makes sense again.

Dont be foolish - is you are buying Australian Dollars you have been given a gift horse here - Buy Australian Dollars while you can at these levels - when normality returns so will the Australian dollar strength.

Buy for now

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