THE Australian Dollar fetched between 1.025 and 1.037 US Dollars last week and between 0.642 and 0.645 British Pounds
The week started out well for the Aussie with local inflation figures coming in at 1.4%, stronger than the predicted 1.1%, but this surge met a ceiling with investors being cautious ahead of an immanent Chinese data being released.
The Australian currency hit its peak mid-week against the US Dollar, riding on the back of the inflation figures and economic figures coming out of China which showed that the previous month’s contraction was slowing.
Heading towards the end of the week the Aussie did lose some of its gains against major currencies, mainly due to negative news coming out of the Eurozone, especially Spanish unemployment figures, but did manage to stay above the key 103 US cents mark. This was due to the easing of the likelihood of an Australian Reserve Bank interest rate cut.
On Monday, the Australian Dollar rallied once again, surging up another half cent after stronger than expected GDP figures buoyed market sentiment.
Exchange rates as of 09:00 UK time, 29 October 2012
By Matthew Cridge of 1st Contact Forex Note: The above exchange rates are based on “interbank” rates. If you want to transfer money to or from Australia then please register/login on our website, www.1stcontactforex.com, or call us on 0808 141 2335 for a live dealing rate. Make use of our Rate Notifier to send you alert when the Australian Dollar exchange rate reaches levels you are looking for.