Tomorrow morning sees the release of Australian GDP (Gross Domestic Product) or growth figures for the fourth quarter of 2017. Expectations from major analysts is that we may have seen a slight slip from 0.6% to 0.5% Month on month so this could give the Australian Dollar a poor start to the trading day.
Earlier in the week we had the RBA interest rate decision and rate statement which didn’t throw up any major surprises, wage growth is still a concern for the RBA which will more than likely hold them back from raising interest rates and this could weigh on the Australian Dollar.
Thursday morning brings import and export data, along with Trade balance figures from Australia. Chinese data is also due out at the same time and due to the huge volume of exports from Australia to China this can also have an impact on the value of the Australian Dollar too.
on Friday we have very little in terms of data from Australia but we do have have Chinese inflation data, expectations are for a slight rise for inflation figures over in China which may give a slight to the Australian Dollar too.
My personal opinion is still that the Australian Dollar may not have a good few months coming up, with little movements in interest rates coming up and other central banks poised to make their move and hike rates in the near future there could be a period of weakness ahead. On top of this there is plenty of global uncertainty out there both with the global economy and numerous areas politically.
Any global uncertainty can also weaken the Australian Dollar as it is perceived as a riskier currency therefore can drop in value when uncertainty is rife.
if you need to carry out an exchange involving buying or selling Australian Dollars in the near future, and you would like to achieve the very best rates on top of the highest level of customer service then feel free to get in touch with me directly. You can contact me (Daniel Wright) by emailing [email protected] and I will be more than happy to get back to you personally.