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

Australian Mortgage Interest rates heading lower - Australian Dollar Outlook bleak

Hi All,

Looks like the Australian Dollar exchange rate is set for another tumble as experts suggest that the Reserve Bank of Australia needs to cut rates further to fend off the "r" word. Macquarie Group interest rate strategist Rory Robertson was quoted in news.com.au that interest rates will be as low as 4.25% by next year.

Whilst this is good for picking up Australian property prices and Australian Buliding Industry which has been extremley slow, but this is not ultimately what the RBA seams concerned with. what seams to be the bigger worry is the high level of consumer debt and slowing growth in Australia which is now at alarming levels. (Even inflation is on the back burner for the time being.)

"As the financial conditions continue to deteriorate, the Reserve Bank is becoming increasingly worried about the outlook for growth," Mr Robertson said. "So the Reserve Bank is cutting aggressively to limit the risk of recession in Australia."

But enough of this doom and Gloom what this means for many of us in the UK is that if you are migrating to Australia you are now looking at a much better rate to buy Australian dollars and if you are an Australian expat you have now have a chance to buy and home and send money home at a much better AUD exchange rate

Pounds to Australian dollars currently 2.5800

Regards

Damian George

Need to buy Australian Dollars call IMS Foreign Exchange for a free quote +44 207 183 2790