A big week in terms of AUD data. Tonight, we have the RBA minutes (Royal bank of Australia) this will be from the last interest rate decision and may also indicate if we are due to see any rate changes in the imminent future. An interest hike is normally seen to be perceived as positive for the currency in question because it shows a sign that generally the economy is performing well and therefore attracts further investment. A cut in interest rate generally has the opposite affect.

Tomorrow we have consumer confidence figures which gives the general feeling of consumers in Australia.

Wednesday night we have employment figures and the unemployment rate which is seen as very important for the currency markets with rates of employment seen as a positive, this can often give the currency in question a boost.

Limit orders

With all this data being released outside normal trading hours why not use a limit order? A limit order is an instruction to buy or sell a currency at the set rate agreed. Once the rate has hit the agreed level the currency in question will automatically be brought or sold regardless whatever time of day this may happen.

GBP/AUD rates in the coming weeks

In recent weeks, we have seen GBP/AUD rates hit seven month highs and in my opinion I do not think we are too far away from seeing rates of 1.80. With recent news around Australia’s Iron Ore prices set to deteriorate over the next five years this could be viewed as long term weakness for the Australian economy and currency. Along with recently announced retail data which was expected at 0.3% and came in significantly lower than this, maybe the Australian economy is not as strong as what it once was.

A well-timed transfer of £200,000 in the last week would have gained you an extra $10,125, so those clients with an up and coming requirement I would recommend being in touch with your account manager as soon as possible to discuss your various options how we may be able to help you.

The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.

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Exchange rates on this page are interbank rates and indicate where the market is trading to show the performance of a currency pair. They are not indicative of the rates which we offer. The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.