The Australian Dollar seems to be back heading back towards the 2.0 mark, as further poor Chinese data added yet more bad news to the Aussie. The Chinese are the key consumer of the key Australian export Iron Ore, and for a long time the trading relationship boomed as Chinese builders used as much Iron Ore for steel construction that Aussie miners could lay their hands on. Now however, as the poor Chinese data confirmed today, the Chinese economy is growing at a much slower rate. This has hit the Australian economy hard, with even Reserve Bank of Australia members pushing to have the Australian Dollar de-valued even further.
If you are buying Australian Dollars, feel free to get in contact and request an automatic buying order for when the market finally hits 2.0.
Alternatively if you are selling Australian Dollars, get in contact to arrange selling them ASAP! Obviously that is my opinion, however the markets look like they are very much heading in only one direction…!
Australian Dollar Desk
01494 787 478