The Australian Dollar has seen a big fightback against the Pound during Friday afternoon’s trading session as the US Non-Farm Payroll data came out massively better than expected.
US non-farm payrolls measure the amount of new jobs created and the figure which was released showed a total of 222,000 compared to the expectation of 179,000. The US economy is going from strength to strength at the moment and this often has a big impact on the value of the Australian Dollar.
As the world’s leading economy if the US shows positive signs this increases global attitude to risk and this frequently results in strength for the Australian Dollar vs the Pound.
Only yesterday morning GBPAUD exchange rates were touching 1.71 on the Interbank level before falling to 1.69 during late Friday afternoon’s trading session.
The Pound’s drop in value vs the Australian Dollar highlights how many problems the UK economy is facing and this was demonstrated with Friday morning’s UK Manufacturing data and Industrial Production data.
Both came out much lower than expected and this caused the Pound to drop against all major currencies following the announcement.
With the Brexit negotiations going on behind the scenes I cannot see the Pound making any real gains against the Australian Dollar unless we see the UK move towards a softer Brexit so in the short term I find it difficult to see how the Pound is going to improve.
Having worked in the foreign exchange industry since 2003 for one of the UK’s leading currency brokers I am confident of being able to offer you better exchange rates than using your own bank as well as helping you with the timing of your transfer.
If you would like further information or a free quote when buying or selling Australian Dollars then contact me directly and I look forward to hearing from you.
Tom Holian [email protected]