Australian Dollar Strengthens (Tom Holian)

Over the course of the last week the Australian dollar has done well against Sterling, the AUDGBP rate currently sits at 0.5651.

The Aussie Dollar has continued to strengthen against the Pound during last week with Australian Dollar exchange rates hitting their strongest level for almost five months. US jobs data  on Friday came out much better than expected which led to global investors choosing to invest in the Australian economy.

Typically if news is good in the world’s leading economy this encourages investors to seek riskier currencies including the Aussie which is why we saw the exchange rate move during Friday’s trading session.

On Tuesday the UK releases manufacturing and industrial data and with the UK growth forecast having been raised recently I think the data could be positive for Britain and also Sterling.

The recent fightback for the Australian Dollar has taken many as a surprise including myself. With unemployment down under on the rise and a housing bubble looming I think we’ll see the Pound gain against the Aussie in the near future.

On Wednesday the Westpac Consumer Confidence survey  is released but more importantly the Federal Reserve minutes will be announced. This will surely create a lot of volatility for the Australian Dollar.

If you’re worried about this week’s data releases and want to save money when transferring Australian Dollars then get in touch for a free quote Tom Holian teh@currencies.co.uk