This week on Tuesday, Chinese GDP data will be released at 02:00, as the largest trading partner to Australia this has the potential to impact the Aussie. The table below shows the difference in AUD you could have achieved when buying £200,000.00 during the high low points of the past month.
|Currency Pair||% Change||Difference on £200,000|
Forex today observed a quieter than expected start to the week off the back of last weekend’s airstrikes on Syrian chemical weapons facilities. This is perhaps thanks to the attack being branded as a one-off from the West. The result for the Aussie Dollar means that it has followed on from last week’s trajectory.
Tomorrow morning at 1:30 the Royal Bank of Australia will announce the latest minutes. The consensus predicts that the RBA left interest rates on hold at 1.5%.
On Tuesday at 2:00 the Q1 Chinese Gross Domestic Product will be released by the National Bureau of Statistics of China. The indicator presents the pace at which the Chinese economy is growing. Figures for year on year are expected to decelerate to 6.7% from 6.8% where as those for quarter on quarter will lower to 1.5% from 1.6%.
Later in the week figures for employment change are expected to show an increase and although the unemployment rate should decrease to 5.4% from 5.6%, predictions are that the Aussie will weaken as the week goes on predominantly for its close relationship to the Chinese economy.
My expectations for the start of the week are for the pound to strengthen and gain further against the Aussie. If economic data and events go favourably for the pound, we could see GBPAUD close in on 1.85.
If you are considering a transfer to or from down under, our expert team are here to help and get you the best deal possible.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me here.
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