This AUD report will address the factors that are likely to affect Australian Dollar exchange rates this week if you are buying abroad or making a currency transfer. In the table below you’ll see high to low GBP/AUD exchange rate movement when exchanging £200,000 in the last month:
|Currency Pair||% Change||Difference on £200,000|
In the early hours of Tuesday morning the Reserve Bank of Australia will deliver their latest Interest Rate decision which is expected to remain the same. Whilst the decision itself may not surprise markets the commentary in the statement after could well cause movements. Only last month there was talks from the central bank that there wouldn’t be a positive interest rate movement until late 2018 at best.
The Australian Dollar has been very strong of late however in the last few weeks with the resurgence of the Pound the GBP/AUD has started to rise. In my opinion this could be set to continue as the RBA statement is likely to raise concern about the Australian economy.
This week I would not be surprised to see the rate move back towards 1.75, with further gains for the Pound coming directly following the decision this week.
Over the last month there has already been an improvement of 10 cents which means a £200,000 transfer would buy you an extra $20,000 AUD. If you’re looking to sell Aussie Dollars then it could be worth trading sooner rather than later as the rate looks set to move further against you.
Other than the interest rate decision it’s not until Friday that we see further releases from Australia. There will be Retail Sales and Trade Balance data both of which can cause volatility as investors looks for clues with regards to economic performance.
All in all, I think it could be a tough week for the Aussie with Sterling likely to make further gains this week much like most of September. If the rate does rise up to the mid 1.70’s then it should certainly be considered as a great buying level. If you do have an upcoming requirement get in touch with your trader on 01494 725 353 to make sure you’re trading on a spike.
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