Busy week for the currency market, what can we expect for the Australian Dollar?

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

This week is a very busy week for the Australian Dollar with consumer confidence figures overnight and unemployment figures due overnight tomorrow. Unemployment figures in particular are expected to show a small increase from last month and this may lead to some early morning losses for the Australian Dollar. Other data releases to be aware of will be GDP data released from China overnight of the 13th, with the Australian economy benefiting from recent high growth figures within China (China is a net importer of raw materials from Australia) any sign of the output slowing in China can have a negative affect on the value of the Aussie. Figures are expected to show a contraction month on month from 8.2% to 7.9% and I would again expect the value of the AUD to fall following this release. Those looking to buy AUD may look to see the outcome of this release as there could well be a short term spike later this week, likewise any AUD sellers should be wary.

As a specialist currency broker we have a number of tools available to maximise your currency conversion, ranging from standard spot contracts, to forward options, and limit and stop/loss orders. To run through how each contract works and to discuss current market conditions and how this may affect your particular exchange then please email Mike at mgv@currencies.co.uk or call 01494 787478.