We have seen the Australian Dollar have a fantastic week against all major currencies following on from both positive growth figures in China and extremely hawkish comments from the RBA (Reserve Bank of Australia) that they would be more than happy to see the cash rate in Australia make its way up to 3.5%.
Any interest rate change or even just the hint of it happening can move the value of a currency, and considering that the RBA have suggested a number of hikes with these comments we have seen the Australian Dollar soar from strength to strength. When an interest rate is raised it does make that currency more attractive to investors and with the rule of supply and demand if more people are interested in buying Australian Dollars then the price will rise.
Tomorrow morning (or overnight tonight for our readers in the U.K) we have Australian unemployment figures and this has the potential to buck the trend. Expectations are for unemployment to have increased from 5.5% to 5.6% an d should this be true then this may buck the trend for the time being.
Personally I feel this is a prime opportunity at present to sell Australian Dollars as I still do not fully believe the Australian economy is such great shape that the RBA are hinting that it is, also, although China has recently shown good data I still feel there are plenty of issues still to resolve with the huge level of borrowing happening over there.
If you have Australian Dollars to sell or indeed buy then you need to have a proactive and experienced currency broker on your side in turbulent times such as these. If you feel I could be beneficial to you then I would be more than happy to help you. You can contact me (Daniel Wright) on [email protected] or by calling 0044 1494 725353 and asking for me and I will be more than happy to explain the process to you and help you put together a plan of action.