This report will examine what has impacted GBPAUD this week in order to help you stay informed in the event you need to make a currency transfer.
In the early hours of this morning Australia released their latest Unemployment rate and Employment change data. Unemployment showed an improvement and dropped from 5.7% to 5.6%. However Employment change numbers plummeted from the previous of 26.2K to -3.9K. Consequently GBPAUD spiked half a cent on the back of the news and has progressively dropped since.
Its key to note the Unemployment rate has dropped two months in a row which indicates expansion within the labour market. A constant talking point for the Australian economy is the interest rate. The interest rate had been cut numerous time within the last 24 months in a bid to stimulate the economy and entice spending. As rates presently sit at 1.5% there is still room for cuts by the Reserve Bank of Australia. However if Unemployment is falling I personally cant see the RBA cutting rates anytime soon.
For Australian Dollar buyers you are presently at 10 week highs for buying the currency and are now receiving 10 extra cents compared to the lows over the last 10 weeks and a 200,000 Australian Dollar purchase is now £6,600 cheaper. If you need to purchase Australian Dollars within the next 30 days this is a spike you might want to think about taking advantage of!
If you are an existing client or reading this website for the first time and need to buy or sell Australian dollars, I would recommend getting in touch today to discuss your currency transfer by calling the trading floor on +0044 1494 725 353. Our experienced team is on hand to run you through the process and help you with your timings. We look forward to speaking with you today.
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