Australian Dollar exchange rates have suffered a little weakness against most major currencies today, as investors and speculators await the Reserve Bank of Australia meeting minutes from their last interest rate decision and Chinese Growth figures all out tomorrow.
The main focal point for the RBA minutes will be any nod to plans for the next interest rate change, at present interest rates in Australia have been kept on hold for a record number of meetings, it does appear that this will still be the case for the foreseeable future too.
Interest rates are key to the value of a currency because a higher interest rate will generally make it more attractive to investors, so the fact that the RBA have not moved to raise interest rates for a long period of time, yet other central banks such as the Federal Reserve have made that move is leading to weakness for the Australian Dollar which I still feel may continue in the coming months.
On the other hand we also have Chinese growth figures due out too, with expectations of a slight drop off in growth expected in China. Chinese data can have a large impact on the value of the Australian Dollar too due the the sheer volume China imports from Australia, helping the Australian economy.
Should Chinese growth figures have slowed a little and the RBA also give no further positive rate news then we may see Australian weakness overnight.
If you have a large currency exchange to make involving Australian Dollars then it is well worth you contacting me directly. You can get in touch with me by emailing me (Daniel Wright) directly on [email protected] and I will be more than happy to contact you personally to see how I can help you. We offer highly competitive exchange rates along with help on timing your transaction and would like to think our customer service is way above and beyond elsewhere. I look forward to speaking with you.