Overnight Australian employment data has provided a strong start for the Aussie, with a 2 cent correction made already. The headline is that there was an improvement in the ’employment change’ figure, and subsequently a reduction to the number of people unemployed. These figures are a surprise to the markets, as generally speaking employment is a concern across Australia due to the slow down in primary exports. Australia saw massive growth economically due to Chinas desire to build, and the subsequent steel requirement relies on Aussie Iron Ore. However, Chinese growth has slowed substantially and the Aussie weakened as a result.
With the UK General Election taking centre stage over the next few weeks, I wouldn’t be surprised to see the Pound weaken further. If you have an AUD exchange, please feel free to get in contact to discuss. I am contactable on either 01494 787 478 or email AJB@currencies.co.uk.