Australian Dollar Exchange Rate Falls

Hi All,

Today had to be one of the worst days yet for the Australian Dollar after crashing by more than 4% in little over 4 hours. The pounds to Australian dollar exchange rate was last at 2.4300 after opening at 2.3300 this morning. The reason for the move is unclear but it seams like foreign exchange traders were looking to test the Reserve Bank of Australia's resolve of protecting the 0.6000 against the US Dollar.

Do we see this move strengthening the GBPAUD back to the 2.5000 level - we doubt it as Sterling has its own problems but any thing is possible against the Euro exchange rate which went from 1.95 to 2.055. But all bets are off if global stock markets continue to fall with the Detroit Bailout failing to get government approval.

On a positive note Reserve Bank governor Glenn Stevens last night stated that it was unlikely for property prices to crash do to under supply of Australian Property. On the downside getting an Australian Mortgages may be a little harder as the Australian Banks tightening the lending criteria as they have here in the UK.

exchange rate to Buy Australian Dollars currently 2.4100

Buy for Now

Damian George

Pounds to Australian Dollars at the Best Exchange Rates visit IMS Foreign Exchange