Why is the Australian Dollar Weakening?

GBP to AUD Steady as Markets Consider BoE and RBA Rate Cuts

GBPAUD USDAUD Transferring Australian Dollars Moving Aussie Dollars Changing Dollars into Pounds Exchange Rates

The Australian Dollar is continuing to weaken against the Pound as Sterling gains against most major currencies this week. Although the bank profits announced this week were good this has failed to provide the positive news needed to return the Aussie Dollar back to where it was earlier this year. Tomorrow’s US Non-Farm Payroll data will give us a huge indicator as to the strength of the global economy and if the figerus are better than expected we could see the AUD improve against the Pound but with recent US economic data not too positive I think GBPAUD will go up towards 1.58 as a buying price.

Chinese PMI data was lower than expected which has had an adverse effect on the Australian Dollar. The data was lower than the previous reading too. The Australian Dollar is a currency that is heavily affected by news in China and therefore the release was enough to bring the Sterling vs Australian Dollar exchange rate up to 1.5744 this morning. The ADP report published in the US showed only 119,000 new jobs in April compared to 201,000 in March. The currency market will be waiting for the next data release from the US so if you have a requirement to transfer Australian Dollars in the next 24 hours please do not hesitate to get in touch by calling 01494-787-478 or email me directly Tom Holian teh@currencies.co.uk