Best levels to buy Australian dollars with pound sterling "for quite a number of years"

Today we see the pound sterling to Australian dollar exchange rate trading at 1.7756 - the last time we saw such an exchange rate was back in mid-July 2010.

This has presented a welcome opportunity for those holding pound sterling to buy Aussie dollars. But have the best rates now passed us by?  

"Many of our clients have been taking advantage in recent days of the Australian Dollar buying rate being the best for quite a number of years. This situation might have turned overnight with comments from the Reserve Bank of Australia deputy governor Philip Lowe," warns Tom Arnold at Currency Index.

One of the reasons for the recent Aussie Dollar weakness had been comments from the RBA governor that intervention to bolster the Australian economy could not be ruled out.

This prompted fears that one of the more robust economies in the last few years might not be doing as well as many thought and the Aussie Dollar suffered as a result.

However Lowe last night announced that “the threshold for intervention is fairly high”, and in the drop of a hat the market reacted to this assuaging news and the Aussie Dollar found some strength again.

"Rates are still close to the 3 year highs we have seen recently, so there is still the opportunity to take advantage if you have a need to send some money to Australia," says Arnold.