The Australian Dollar has posted strong gains against the pound today rallying nearly 0.5% but has held steady against the single currency. This week is relatively quiet for the Aussie with the most notable data set being on Thursday with employment change figures. Figures will give clues as to the current performance of the Australian economy and could throw up some surprises for the dollar throughout the course of Thursday’s trading. Elsewhere data sets for the beginning of the week are dominated by European and UK data tomorrow with German GDP data and European trade balance figures followed by UK Inflation and Retail sales figures. Those looking at buying AUD with GBP should also keep an eye on a speech from the Governor of the Bank of England Mervyn King. King is scheduled to speak at 10:00 and historically can be overly cautious about the UK’s prospects, this could keep pressure on the pound and I see rates hovering around 1.5150-1.52.
EUR/AUD exchange rates have been relatively stable over the course of the last three months, reaching a high of 1.28 and a low of 1.22, the average trade price sitting in the region of 1.25/26. Current market levels are at 1.2652 and I personally see little change for this pairing in the coming weeks and would expect a range between 1.25/27.
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