As commodity prices have started to rise again this has benefited the Australian Dollar which has continued to strengthen against other major currencies for the last two weeks. It has risen for most of this week against 16 of its major counterparts as price for iron ore which is Australia’s top export climbed to its highest level in 2 months. Risk appetite which is a key aspect to the strength of the Australian Dollar has been increased since the US jobless claims data fell to its lowest level since 2008.
Later today we see the release of the US Monthly Budget Statement this evening and the US Produce Price Index out this afternoon. If we see some positive figures we could see further strengthening for the AUD so if you have a trade to make to buy Australian Dollars it is worth contacting me directly Tom Holian [email protected] to find out how we can save you money on your currency transfer and exchange rates. With a positive labour market in the US this is positive for the AUD and positive for risk appetite.
Bloomberg has produced a survey which suggests that traders see a 80% change that RBA Governor Glenn Stevens will cut the interest rate to 2.75% or lower as early as February. The most recent cut for the Aussie interest rates occurred on 2nd October with interest rates at 3.25% at the moment.
When buying currency it is important to ensure you’re getting the best exchange rate so if you want to find out how to save money compared to organising a currency transfer through your bank whether it be in Australia or the UK please feel to contact me to find out how Tom Holian [email protected]