Yesterday’s US Non-Farm Payroll data was much lower than expected but at the same time US unemployment has dropped to 6.7% the lowest level seen since 2008. This has surprised the global economy allaying fears of a potential slowdown in the US. With the world’s leading economy back on track this has encouraged investors to look at buying riskier currencies again including the Australian Dollar. GBPAUD exchange rates moved by over 1% during yesterday’s trading session. However, my personal feeling is that although we could see a further strengthening for the Aussie during the early part of next week I still firmly believe that the Australian Dollar will weaken much further during the first quarter of 2014.
If you’ve been reading this blog for quite some time you’ll know the reasons for my opinion as to why the Australian Dollar has got worse over the last 12 months and my mindset has not changed.
Even with the UK publishes slower manufacturing and industrial productions data this didn’t have too much of an impact highlighting the problems faced by the Aussie Dollar.
On early Monday morning Australia releases its home loans data for Novemeber which counts the number of approved loans during this period. it can count as a measure of confidence so anything lower than 1.1% estimated could signal AUD weakness again.
If you have a currency transfer to make and want to save money compared to using your bank feel free to contact me Tom Holian [email protected]