The Australian Dollar has fallen against the Pound again today as a fall in the price of iron ore has occurred. Weak construction data has meant that demand for Australia’s biggest export has declined which has helped to weaken the Australian Dollar.
This is the lowest price it has been since summer 2013 and with Chinese data coming out rather low recently this has caused weakness for the Aussie Dollar.
According to the Bureau of National Statistics construction work in Australia has slowed during the final quarter of 2013 which could lead to a decrease in GDP.
Interest rates down under have been cut 8 times since 2011 and although the RBA announced earlier this month that their interest rate cutting cycle has now come to an end problems in the mining industry going forward could lead to a change of policy over the next few months.
Fourth quarter figures for business investment in Australia are released tomorrow morning and this will give us an insight to short term movement for the Australian Dollar.
In the US jobless claims are out tomorrow afternoon and this will also provide some movement for GBPAUD exchange rates. Generally speaking if news in the US is good this encourages global investors to move money into riskier currencies including the Australian Dollar. Personally I think the data will be negative meaning GBPAUD rates could go up.
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