Currency is a peculiar beast, making predictions is very difficult as not only are you predicting future events, you are also predicting people’s reactions to those unknown events! This post will look at some of the more important events this month on the Aussie and look at what you can do to protect yourself.
Interest Rate decision & Statement overnight tonight 3.30 am UK time
The RBA (Reserve Bank Australia) stated last month they were no longer targeting a weaker AUD based on some improvements in the economic outlook. However since they last spoke there has been some further not so great economic news with Unemployment a worry. I doubt we will see any change in their interest rate but we may see a possible mention of this data. I see risks to the downside, that is I think the AUD could weaken as a result.
Australian GDP – Gross Domestic Product Wednesday morning 00.30 UK time
There are some expectations Australian GDP has improved for Q4 2013 which is likely to lend some support to the Aussie. Any improvements therefore for buying AUD tomorrow may be shortlived.
Australian Unemployment 11th March
This is the data that weakened the Aussie last month and could be a potential market mover again this month depending on RBA comments tonight.
The looming fears over Ukraine could easily affect risk sentiment and in such a scenario the Aussie would weaken. Termed a riskier currency we would see the Australian dollar weaken more as the situation deteriorates.
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