Sterling Australian Dollar exchange rates have broken through 1.47 for the first time since early March and US Non-Farm Payroll data shows a lot less new jobs than originally expected. Indeed, we could be in line for 1.48 before the end of this afternoon’s trading session as investor risk appetite is destroyed since the announcement of this US news. Only 88,000 new jobs were created compared to an expectation of 200,000 and the massive difference has really had a dramatic effect on exchange rates.
Next week all eyes will be on the UK with data being released on Tuesday afternoon. Initial estimates by the NIESR will be released and if negative we could see Sterling take a negative direction. If the figure is negative we could see a technical recession for the UK and depending on which data you trust we could be in a triple dip recession. This will make the UK the first country in Europe to triple dip which could see a Sterling sell which could erode this afternoon’s strong gains.
How to ensure I’m getting a good rate of exchange?
It is always important to make sure when you do decide to buy or sell Australian Dollars that you use an established currency broker with a solid track record. If you would like to enquire and get a free quote on the volume you’re thinking about moving feel free to email me directly Tom Holian [email protected]