Australian Dollar establishing “safe haven” status

The Australian Dollar would have got you between 1.058 and 1.077 to the US Dollar during the period of the 30th of January and the 6th of February 2012. During the same period, one Aussie Dollar would have fetched you between 0.67 and 0.68 British Pounds.

Last week Australian Prime minister, Julia Gillard, said she expected the Australian Dollar to remain strong for the foreseeable future because of its perception by investors as a “safe Haven” currency.

“Add the relative woes of European economies – touching even traditional currency strongholds like Switzerland – and for the first time in history Australia is being referred to as something of a global ‘safe haven’,” she said.

Towards the end of last week the Aussie Dollar cooled off a bit, as investors were waiting on jobs data to come out of theUSA.

“It’s traded within a 30-point range – it’s biding time until the release of (US) non-farm payrolls tonight, so there’s not been an awful lot of movement,” said RBC Capital Markets senior economist Su-Lin Ong.

The Aussie Dollar started off the week strongly, responding well to the jobs data coming out of theUS. This good start was off-set though, with news coming out of Europe thatGreece’s prime minister may resign.

GBP/AUD: 1.46
EUR/AUD: 1.22
USD/AUD: 0.92

Composed by Matthew Cridge
Note: The above exchange rates are based on “interbank” rates.  If you want to transfer money to or fromAustraliathen please register/login on our website, www.1stcontactforex.com, or call us for a live dealing rate.  Make use of a Rate Notifier to send you alert when the Australian exchange rate reaches levels you are looking for.