The Australian Dollar gained ground against most major currencies during the Asian session due to seeing Australia’s trade balance rise more than expected during May.
Exports were up, which for a export driven country is seen as a real positive for the Australian economy and indeed the Australian Dollar. We only really saw small gains for the Australian Dollar off the back of this, but it was welcomed by those with Australian Dollars to sell in the near future, after seeing AUD exchange rates drop off earlier in the week following the RBA interest rate decision and monetary policy statement.
The RBA had set a more dovish tone than had been expected, both on the economy going forward and on future fiscal policy changes, this led to Australian Dollar weakness immediately after the release and a little further weakness during trading yesterday.
Rest of the week for AUD exchange rates?
Tomorrow we have a little economic data out from China and also Non-Farm Payroll data out from the U.S.
Chinese data can impact the Australian Dollar quite heavily due to the volume exported over there and the Non-Farm data can affect all major currencies as it will alter global attitude to risk. Currently, the Australian Dollar is perceived as a riskier currency so any slight alterations in risk sentiment worldwide can impact Australian Dollar exchange rates.
With so much going on in the market at present, it is extremely important that if you have a currency exchange to carry out in the coming days, weeks or months then it is imperative that you have an experienced and proactive currency broker on your side. Here at Australian Dollar Forecast we can not only help you with up to the minute market data but we can also work with you to help you time your transfer and to get the best rate when you do carry it out.
Feel free to contact me (Daniel Wright) the creator of this website should you wish to receive more information on our services and I will be more than happy to get back to you as soon as I can. You can email me on [email protected] and I look forward to speaking with you.