AUD impact on the currency

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Thursday, 05 March 2009

Weak data and bad news blighted Sterling last week but it finished at $2.21 by the end of the week against the Australian Dollar, meagre data such as Construction Work Done and Wage Price Index had no particular impact on the currency.

The week ahead will prove to be an important one for the Aussie Dollar with a mix of significant economic data and any surprises are likely to cause substantial volatility. The Reserve Bank of Australia interest rate decision is released on Tuesday, traders are predicting that there will be a 25 basis point cut to 3% but a more aggressive cut of 50 basis points is possible. It will be important to watch the decision and its commentary as any number of results could cause major reactions for the currency.

GDP figures and trade balance reports make up the rest of the significant data this week with the GDP expected to show an expansion through the final quarter of 2008. These unexpectedly strong economic results have given rise to Bullish sentiment but negative surprises could dampen the recent economic hope. Likewise the same could be said for the Trade Balance on Wednesday, the Australian industry relies heavily on global demand and falling exports will reflect badly on economic growth.

Data out this week should be watched with a keen eye, speak to your Account Manager at EMYC to keep you up to date with the RBA rate decision and other prevalent data and to take advantage of any spikes in this volatile week.

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AUD impact on the currency

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