Tomorrow we have the release of the Westpac Consumer Confidence reading, Consumer Confidence is a measure of sentiment that individuals have in economic activity, and is a really good overview of how the general consumer is feeling about their economic situation. A higher reading would be good for the Australian Dollar as it suggests that Consumers may be ready to spend more, and a lower reading would usually weaken the Australian Dollar as it suggests that people have less disposable income in their pocket to spend on goods and services.
On Thursday we will also see the release of unemployment figures for Australia, with expectations of unemployment to have dropped from 5.5% to 5.3% which would be a strong figure. The RBA (Reserve Bank of Australia) had lowered their unemployment expectations recently to 5.25% for the year ending June 2018 so this figure would fall in line with the RBA’s predictions and may give the Australian Dollar a good solid Thursday should this come out as predicted.
For those with a currency exchange to carry out involving the Australian Dollar in the coming days, weeks or months you must also be wary that the figure may come out worse than expected, for example should the figure remain at 5.5% or only come down to 5.4% then we may witness Australian Dollar weakness as we head towards the end of the trading week.
We do have a flurry of inflation data out tomorrow afternoon from the U.S which can impact Australian Dollar rates due to the flow between the Australian Dollar and U.S Dollar, anything positive for the U.S can generally weaken the Australian Dollar at present, as it heightens the chance of an interest rate hike in the States.
If you need to carry out a currency exchange involving the Australian Dollar and you want to achieve the best rate of exchange, along with help on timing your transfer. You are welcome to contact me (Daniel Wright) the creator of this site on [email protected] and i will be more than happy to speak with you personally to help with your situation.