Australian Retail Sales published overnight came out a lot better than expected with month on month sales measured at 1.2% for the month of November compared to the expectation of 0.4%.
This is a strong indicator of how well the Australian economy is performing and will often have an impact on the RBA’s decision concerning monetary policy.
The rate to buy Australian Dollars with Pounds has fallen from 1.73 during the last few days to the 1.71 levels on the Interbank.
The Australian Dollar has been strengthening during the last few weeks owing to the recent surge in the value of iron ore and as it is such a large revenue generator for the country this is why the currency has strengthened so much since the start of December.
Turning the focus to what is happening globally, the US releases Initial Jobless Claims this afternoon and as the US Federal Reserve have suggested that more interest rate hikes may be coming during 2018 a positive jobs report could see further investment in the US Dollar which could possibly see the Australian Dollar possibly weaken later on today.
Overnight the Chinese release a huge amount of economic data in the form of Import and Export data for December as well as the latest Trade Balance figures.
As China is the largest trading partner with Australia this particular set of economic data will have a big impact on the rate to buy and sell Australian Dollars so make sure you’re prepared.
If you have a currency transfer to make and would like a free quote compared to using your own bank or simply want to compare rates to buy or sell Australian Dollars against your current foreign exchange provider then feel free to get in touch for a free quote. Having worked for one of the UK’s leading currency brokers since 2003 I am confident of being able to help save you money on exchange rates.
Email me directly and I look forward to hearing from you.
Tom Holian [email protected]