After a good start to the week vs the Sterling the Australian Dollar has ended the week trading at above 2.05 after hitting 2.01 a few days before.
The US jobs data although showed their lowest levels of unemployment since 2008 the data also showed a lot less new jobs created with 151,000.
This has caused the Australian Dollar to weaken as often what happens in the US has a big impact on risk appetite for global investors.
With the data coming out mixed all the commodity based currencies including the AUD, NZD & ZAR have all weakened following the report vs Sterling.
With little data due out until the latter part of next week I think we could start the week off quite positively for Sterling creating some good opportunities to buy Australian Dollars.
However, all eyes will focus on UK data in the form of industrial and manufacturing figures released on Wednesday. Recently they have hit 6 year lows and I expect more of the same.
Following on from this the NIESR release UK GDP for the last 3 months and I expect this figure to be low.
Therefore, if you need to buy AUD it may be worth doing early in the week and conversely if you need to sell Australian Dollars to buy Sterling it may be worth holding out towards the end of the week.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian [email protected]