Chinese Stock Market provides Australian Dollar Strength

The fall in COVID cases throughout Oz has led to AUDGBP, AUDUSD and AUDEUR rate increasing throughout yesterday’s trading.

Following a torrid time over the last month for the Australian Dollar against the Pound where we have seen a movement of over 4 cents the Chinese stock market rally has provided some support for the currency. The Chinese stock market has been closed for the last three days but with support from the Chinese equity markets the AUD$ has gained by 1% against Sterling during the last 24 hours. The positive manufacturing data has also put a halt to rumours of a slowdown.

The AUD$ has fallen against the Pound this week with poor trade data and signs of an interest rate cut as early as May. Key data to watch out for is the US Non-Farm Payrolls due out tomorrow afternoon. Economists are expecting the figures to show a rise in employment of 200,000. Anything less could cause volatility for GBPAUD and AUDUSD.

For up to date information about how currency is moving and if you have a requirement to transfer Australian Dollars feel free to email me Tom Holian teh@currencies.co.uk