Australian Dollar rates improve further
20 August, 2013
The biggest mover overnight has been the Australian Dollar, after the Reserve Bank overnight published their minutes showing that interest rates are likely to remain at historic lows for the foreseeable future. The Australian economy has been slowing down (having been one of the most resilient during the global financial crisis), with GDP expected to slow to 2.25% and the jobless rate likely to increase to 6.25% and interest rates having been slashed. All this has weakened the AUD, giving us the best rates for sending money to Australia since August 2010 – good news for anybody moving Down Under. The Reserve Bank see the weakening AUD as helping to re balance the economy, so are unlikely to change policy just to increase the value of their currency.
Other currencies currently enjoying exceptional rates are the Indian Rupee, which is at its cheapest level in over 10 years, and the South African Rand, which has not been any cheaper since 2008 against the Pound.
The Thai Baht also fell in price yesterday, as the economy fell into surprise recession, contracting 0.3% in the second quarter. The Baht fell and we now have the best rates for buying THB this year.
With little data due out this week, the main currencies requested by Currency Index clients, the Euro and US Dollar, remain stable and are both good value. We would be surprised to see much major movement in either, until the UK GDP revision on Friday, so this week is a good opportunity to secure preferential rates compared to previous weeks for buying euros
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