Sterling vs the Australian Dollar has fallen during yesterday’s trading session as US jobs data showed creation of 242,000 new jobs compared to the expectation of 190,000.
The reason why we have seen the Australian Dollar strengthen is that when the US shows positive data this encourages global investors to look again at higher yielding and riskier currencies including the Australian Dollar.
It also means that the US may look at raising interest rates again at some point this year as it appears as though the US economy is strong enough to cope with another interest rate rise.
With Australian GDP coming out much better than expected this week at 3% and signs of the trade deficit narrowing overall the Australian Dollar has had a very good week against Sterling.
On Tuesday China publishes Import and Export data and with credit ratings agency Moody’s having downgraded China to negative this week I would not be surprised to see a fall in the figures next week.
Therefore, this could put paid to the recent strength of the Australian Dollar.
Chinese inflation is released on Thursday and again I think this data could cause Sterling vs the Australian Dollar to rise.
If you need to sell AUD then early in the week and if you need to buy AUD then arguably look at organising it towards the end of the week.
If you have a currency transfer to make and want to save money on exchange rates compered to using your own bank then contact me directly for a free quote. Tom Holian [email protected]