The Australian Dollar jumped to its highest level in almost a month against the Pound after a plethora of UK data came in below economist expectations and as investors predict that tomorrow’s Aussie jobs data will show improvement.
The ‘Aussie’ made gains against the majority of its most traded peers as economists increased their bets that tomorrow’s jobs data will show that the number of new jobs created increased to its highest level in five months. The nation’s unemployment level is expected to stay at the four-year high level of 5.8%
The currency was also supported after data released on Tuesday night showed that consumer confidence fell in October. The fall was largely expected following the surge in confidence that came after the election victory of Tony Abbot on September 7th. The Liberal-National coalition win has been linked to last month’s spike in business and consumer confidence. The new government is widely seen as being more able to manage the Australian economy than the previous government at a time when the mining boom comes to an end.
“The modest fall in the index is probably due to an expected retreat following the positive expectations around the election result,” Westpac Chief Economist Bill Evans said. “Other factors that might have weighed on the index were the steady fall in the share market through the survey week and the steady rise in the Australian Dollar.”
The Pound meanwhile tumbled after Industrial production, manufacturing production, and trade balance data all came in below forecasts suggesting that the UK recovery may not be as strong as once thought.
Current Australian Dollar (AUD) Exchange Rates
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The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9445 -
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6984 >
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1376
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4318 <
The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.6914 <
The US Dollar/ Australian Dollar Exchange Rate is currently in the region of: 1.0586 -
Correct as of 10:00 am GMT