The Aussie finished the week two cent above the mid-week lows yesterday trading against Sterling just below the 1.80 level. This week the GBP/AUD touched 1.795 at the highest point falling nearly three cents lower than that at the bottom of the market. The table below shows GBPAUD movement during the last month:
|Currency Pair||% Change||Difference on £200,000|
The Australian Dollar has seen movement up and down this week as their main trading partner China comes under pressure from even more trade tariffs from the US.
There may be an argument to suggest that China might be forced to purchase products elsewhere that could help the Australian economy. However more likely is there may be less money to spend as they account for costs increasing. The next few weeks the trade talks will continue which could add volatility to the Australian economy.
From the off next week there is data for the Australian Dollar as the Reserve Bank's latest meeting minutes will be released in the early hours of Tuesday morning. These will provide an indication into the thought of the central bank and how they see the economy performing for the rest of the year. There isn’t expected to be any changes to the Monetary Policy in Australia for a considerable time and any uncertainty surrounding global trade will only add to that pressure.
Later in the week the Participation and Unemployment rate will be released, with Unemployment forecasted to increase from 5.4% to 5.5% although minor they would rather it be going the other way.
There is certainly fears from Australia’s financial leaders with how the next few months will play out as protectionism continues to be a focus for the US. The AUD may start to move back above the 1.80 level against Sterling which we last saw 8 weeks ago in the middle of May.
If you do have an upcoming requirement make sure you’re speaking with your account manager here. We’re able to alert you to a movement in the market that could be a good time for you transfer.
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