The Australian Dollar is facing renewed weakness at present after minutes from the latest Reserve Bank of Australia Meeting showed growing concerns over the latest tariffs being imposed on China by the Trump administration. More on these concerns from the RBA as well as an outlook on economic data released at the end of this week. The table below displays your potential AUD return on £200,000.00 depending on when you carried out your transfer, at the high and low points during trading hours yesterday.
|Currency Pair||% Change||Difference on £200,000|
The Australian Dollar’s fall from grace has so far seen the AUD weaken by 5.5% against the US Dollar and 3.3% against Sterling, even in light of the current bought of Sterling weakness currently being enjoyed by the Euro and the US Dollar, highlighting just how serious this downward trend is for those selling AUD.
The tensions are mounting in the global trade war and as a result the International Monetary Fund has issued a stark warning on the latest threats of tariffs, by saying an all-out trade war would cost the global economy $430bn. This news was received after China filed an official complaint to the World Trade Organization as Donald Trump revealed fresh threats of $200bn worth of tariffs on Chinese goods earlier this week.
As data released earlier this week from China showed some worrying signs that the worlds second largest economy may start to negatively impact global trade.
Tomorrow the latest unemployment data will be released down under and could be an opportunity for the Australian Dollar to change its fortunes after what has been a torrid time of late for AUD exchange rates. In recent times the labor market down under has been improving and another solid performance could help the AUD tomorrow, although I largely expect this to be a very brief window of opportunity and for the AUD’s value to continue to be dominated by the trade tensions in the longer term.
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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