During the quiet Easter break the Australian Dollar has remained flat against most majors even after strong Chinese trade data. In recent weeks the Chinese economic impact has been felt by the Australian Dollar which has dropped against Sterling and Euro. With the trade surplus measure at over $5bn in March compared to an enormous deficit of over $31bn in February the AUD$ has not moved in line with the results.
Later on today we have the release of Australian Consumer Confidence which is expected to come in low at -5%. Any improvement could see the AUD return to strength after a poor first quarter. With the currency movements since the turn of the year this has helped make Australian goods and services a little more competitive. The mining industry has driven the Australian economy over the last few years and its reliance on China’s growth has been evident in reflecting the exchange rate movement. With the new mining tax coming into play as of 1st July this could have a further negative impact on the Australian Dollar but it could mean cheaper Dollars for those looking to send money to Australia during this summer. If you need to move GBP into AUD please do not hesitate to contact me for commercial levels of foreign exchange from AUD$5,000 upwards. Contact Tom Holian [email protected]