Following improved mining exports in the latest GDP data release early this morning, the Aussie Dollar has improved against GBP. The Australian Dollar report shows the difference in AUD you could have achieved when buying £200,000.00 during the high and low points in the past week.
|Currency Pair||% Change||Difference on £200,000|
In the early hours of today the latest Gross Domestic Product data for Australia was released and showed an improvement for both the month on month and the year on year for Q1. Significantly quarter 1 growth for Australia rose to 1% which was above the 0.9% forecasted.
This helped the Aussie earlier this morning slightly strengthen moving into the 1.74’s against Sterling. The reason for the improvement in GDP was put down to the increase in exports from the mining sector.
The Australian domestic economy has come under question of late with some of the pressure seen on the Australian Dollar so far this year stemming from economic concerns.
The Reserve Bank of Australia have been clear that there isn’t going to be an interest rate hike this year, despite several economies around the world raising rates.
In the past few weeks there has been a downward movement in the GBP/AUD rate providing a good window of opportunity for those looking to sell Aussies. However in my opinion I don’t think this will be a continuing trend, more just a blip with the rate moving back towards 1.80 in the not too distant future.
With this in mind it may be worth capitalising on the current movement as the last six weeks alone selling $200,000 AUD will achieve you an extra £6,500.
The trade balance data for Australia will be released tomorrow and provides the data regarding the number of imports and exports for the country. Australia being a commodity economy relies on its exports as an indicator of economic performance.
Considering the improvement in the GDP level today, there could be further positive news coming tomorrow morning. Make sure you’re in contact with your broker in order to discuss your potential options.
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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