A Positive Sign Downunder

In a positive move for Australia, the Reserve Bank of Australia has frozen interest rates at 3.25% causing strength for the Australian Dollar against all major currencies.

Prior to the announcement GBP/AUD was trading at about 2.232, but since the positive news it was dropped to around 2.191.

There is no major news released today to effect cable against any of the major currencies. The Bank of Canada will be announcing their interest rate decision at 14:00 GMT, many believe the rate will be halved from 1.0% down to 0.5%, but this was also the consensus with the Australian Dollar as well.

If you would like to find out how you can be protected against adverse rate changes and assistance on when to buy your currency, contact one of our senior brokers today on 0800 043 2623 who will be able to explain you through the process. So if you are sending money to Australia or need to starting sending money to Canada contact us today and our foreign currency exchange specialists will be able to explain how it works.