IT is a very busy week for Australian markets. Key economic data releases are due every day in addition to Tuesday’s Reserve Bank meeting. The highlights for the week will be the RBA’s interest rated decision and the June quarter Gross Domestic Product figures on Wednesday.
The Australian dollar began trading last week at around 1.7289 to the British pound and around 1.1099 against the US dollar. The Aussie weakened throughout the week against both currencies to end the week at 1.7422 to the pound and 1.1237 to the greenback.
The Australian dollar opened firmer this week though, following positive Chinese data, fading worries about an imminent military strike against Syria and encouraging local data showing a rise in building approvals which jumped 10.8 per cent in July, more than twice the increase forecasted. Home prices in Australia’s major cities rose for a third straight month in August.
By Dylan Goate of 1st Contact Money Transfers
Exchange rates at 13:13 GMT, 02 September 2013
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.