THE Australian Dollar began trading at around 1.7277 to the British Pound last Monday and around 1.1115 against the US Dollar. The Aussie strengthened throughout the week against both currencies to end the week at 1.7018 to the Pound and 1.0885 to the Dollar.
The Australian Dollar rallied sharply in Asia on Tuesday 3 September after the central bank appeared to water down expectations that it will cut interest rates further. Reserve Bank of Australia Governor Glenn Stevens announced no change in the benchmark cash rate target from its current record low of 2.5 per cent.
The Australian Dollar lost ground on Friday 6 September amid more evidence that US employment growth was picking up pace. However the Dollar, which typically strengthens following federal elections, was also given a further boost by strong data out of China and the US Dollar following the release on Friday of a weaker-than-expected US jobs report for August.
The Dollar is expected to strengthen further this week, following the removal of political uncertainty which is of key importance to investors, businesses and consumers. The upcoming Australian economic calendar is quieter than last week, with jobs data on Thursday being of the highest importance.
Composed by Dylan Goate
Exchange rates as of 09:40, 09 September 2013
GBP / AUD: 1.6998
EUR / AUD: 1.4309
USD / AUD: 1.0867
NZD / AUD: 0.8687
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.