The AUSTRALIAN DOLLAR has weakened further this morning following a bad day yesterday for anyone selling AUD. Great news for AUD buyers but people in the opposite situation find themselves in a more expensive place than they did yesterday. Yesterday saw Sterling climb as data continued to suggest that the Pound was performing well, this drove the value of the Pound up against a basket of currencies. This was further driven by the start of the month trades as traders place their positions for the month so this artificially higher demand for Sterling pushed its value up. Overnight we have seen the import and export data for Australia which continued to disappoint, hence the fall in its value this morning. Import raised by over 4% while exports fell by 1%. This was widely put down to the fall in the value of the raw materials that Australia exports including iron ore. We also saw Australia import more energy than previously expected, hence the gap widening.
So levels currently sit at the best time to buy AUD for a number of weeks giving people looking at a GBPAUD trade a great buying opportunity. There is however more potential gains on the horizon as UK data is generally expected to perform well this month.
If you want more information on the potential timing of a transfer this week or next make sure to get in contact. Email myself directly at [email protected] for more information and my personal view.