Exchange rate for those in the UK
Just received this note this morning, may be of interest to those with money to transfer.
Just a short note to let you know that the GBP/AUD rate opened today at a 5-month high of 2.1900. In volatile trade this morning, it briefly touched 2.2000. This represents an appreciation of 7.5 per cent compared to just seven weeks ago on July 23, 2008 when it was trading at 2.0470. The recent low was 2.0298 on June 4, 2008. The Australian Dollar has weakened significantly due to a strong U.S. Dollar and an end to the tightening cycle in official interest rates. Last Tuesday, The Reserve Bank of Australia cut interest rates for the first time in 7 years by 25 basis points to 7.00 per cent and has more than hinted at lower rates in a recent statement saying “with domestic demand slowing, the Board’s view is that scope to move towards a less restrictive stance of monetary policy in the period ahead is increasing”. Financial markets have taken the view that further moves down in interest rates are imminent.
The Pound could gain more strength against the Aussie from here but there is significant volatility and renewed weakness cannot be discounted.
If you have been holding off transferring Pounds against the Australian Dollar, you may wish to consider converting funds at these more attractive levels. Please contact us to book a rate or to discuss your requirements.
Nice one I remember getting a poor 1.99 about 2 months ago!!!!!
The joys of the market!
Wish I had waited now!!!