Anyone with an upcoming AUD currency exchange to execute, will need to keep an eye on a number of key economic data releases this week.
Monday saw the release of the latest Retail Sales figures, which came in at 0.4% and above the markets predicted result. This helped to solidify the AUD’s position against a host of major currencies, including the Pound. If it wasn’t for some better than expected UK Construction data, we may have seen the AUD make further inroads back towards 1.70 against Sterling, but as it stands currently, GBP is finding a fair amount of support around 1.74.
The market data is coming thick and fast this week and yesterday’s Reserve Bank of Australia (RBA) interest rate decision, would have been of key interest to investors, who were hoping to predict the AUD’s next movements.
As expected the central bank kept interest rates on hold and at record lows of 1.5%. This in itself does not tell the whole story, as this decision was widely anticipated and likely factored into the AUD’s value prior to last night’s release.
It was the RBA’s subsequent monetary policy statement that was always likely to hold he most weight with investors and the RBA, somewhat typically some may say, remained optimistic regarding their current economic outlook.
They expressed confidence in the economies ability to extend its 26-year run without entering a recession, citing stronger exports and government spending as the reasoning behind this.
This positive stance will most likely help to curb any short-term losses for the AUD but has yet to make any major impact during today’s trading.
With much of the medias focus currently on President Trump and the prospective trade tariffs that he is looking to impose, fears over a slowdown in global trade continue to grow.
If this occurs it will most likely put pressure on commodity-based currencies such as the AUD and as such, investors are most likely remaining cautious regarding their approach.
If you have an upcoming AUD currency transfer to make, you can contact me directly on 01494 787 478. We can help guide you through this turbulent market and as a company we have over eighteen years’ experience, in helping our clients achieve the very best exchange rates on any given market.
Our award-winning rates can be accessed very easily over the phone and I can keep you posted with key market developments ahead of any prospective exchange you need to make.
Feel free to email me directly on [email protected] to find out all the options available to you ahead of your currency transfer.