In less than 3 weeks a client who plays in Japan has taken advantage of Limit Orders and gained an extra $10k AUD.

Whilst no one can ever predict where rates will move, it's vitally important to have a plan or strategy.

When we started to see the AUD drop and JPY move quickly over the past few weeks, we set a couple of "Limit Orders" or "Trigger Rates"

One at 100 and the other at 99 - and both hit within one week of each other. This means taking advantage of the market's volatile movement.

One hit during our daytime, and the other overnight (in the US session) meaning we didn't miss out.

If you're holding a particular currency and thinking of how or when to move it back, let's chat about these types of opportunities to maximise your money.

What is a Limit Order?

A limit order in currency markets is an instruction to buy or sell a specific amount of currency at a predetermined exchange rate that is more favourable than the current market rate. Here's how limit orders work in the foreign exchange markets:

How to limit orders work:

• You place a limit order with your forex broker, specifying the currency pair, amount, target exchange rate, and duration.

• The broker's system monitors the market for your target rate.

• If the market reaches your specified rate within the set time frame, the order is executed automatically at that rate or better.

• If the market doesn't reach your rate, the order expires unfilled at the end of the specified period.

Benefits of using limit orders:

• Allows you to target a specific, more favourable exchange rate without constantly monitoring the market.

• Helps in achieving better rates than what's currently available, potentially saving money on currency conversions.

• Useful for businesses or individuals who have flexibility in their timeline for currency exchanges.

• Can be part of a broader risk management strategy when combined with other order types.

💱 Currency update from SportsFX

Overall, the Bank of England's proactive rate cut contrasts with the Federal Reserve's more cautious stance, reflecting differing economic conditions and policy strategies in the UK and the US.

As these are the two currencies that the majority of our clients deal in, either getting paid salaries, prize money or sponsorship, it's been an important week if you need AUD.

Book a call for a confidential chat to see if we can assist with your currency management plan.

• AUD/USD - 0.6494

• AUD/EUR - 0.6017

• AUD/GBP - 0.5099

• AUD/NZD - 1.0922

• AUD/JPY - 96.83

• GBP/NZD - 2.1420

• GBP/USD - 1.27.34

• EUR/USD - 1.07.91

• USD/JPY - 149.05

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