Buying Australian Dollars with Sterling has overnight become 1% more expensive following the very stong March employment figures. The positive data saw an increase of 44,000 jobs during March and unemployment remains under control at 5.2%. This was better than expectation of 6,000 new jobs and 5.3% for the unemployment rate.
This has dampened the expectations of an interest rate cut in Australia which has been hotly debated recently. However, there are still many who believe the RBA will cut rates on May 1st to 4%, still significantly higher than any other leading western economy.The Australian Dollar may continue to strengthen over the next couple of days so if you need to buy Australian Dollars it may be worth moving on something this morning. Feel free to contact me Tom Holian [email protected]