The Aussie has managed to start the week on the front foot against it’s major currency counterparts with positive data from the Commodity markets (Key indictor for the AUD) heavily outweighing the stalling Retail sales figures to leave the Aussie well in favour with investors to start the month. More on this and the upcoming economic data releases for the Aussie this week in the market report below, with the table showing the range of exchange rates for GBPAUD for the past 30 days, and the potential difference in return when selling £200,000.00.
|Currency Pair||% Change||Difference on £200,000|
The Reserve Bank of Australia posted its latest commodity price index which showed healthy growth of 6.7%, well above the expected 3.7% mark and settling investor confidence once more. This release came at quite a crucial time with Governor Philip Low once again highlighting the RBA’s concerns of a slowdown in demand from the Chinese economy potentially handicapping Australia’s domestic growth.
Both the release and indeed the RBA’s up beat words during last night’s Monetary policy meeting have certainly teed up the Aussie for a potentially very favourable week.
Tonight’s GDP release should be the next market mover. With the pick-up in commodity prices in mind, you would think there is plenty of scope for the GDP reading to rise with it.
The RBA have also recently alluded to the continued strength In international and domestic direct investment in non-mining sectors which suggests that growth from the economy as a whole should be set to continue.
Equally, there is a chance Thursday’s export data should come out strong as well suggesting to me the Aussie Dollar might end the week more expensive.
The question is, by how much? Last week, Sterling gained by as much as 2% against the Aussie, providing Aussie Dollar buyers with the best price levels in nearly 16 weeks. If you are looking to purchase Aussie Dollars, it may pay to consider your options just in case last week’s impressive gains are reversed entirely.
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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