Pound Touches Highest Point against Australian Dollar in almost 5 Weeks

> >Exchange Rates Week 2 April

Peter Lavelle, 11.04.2013

This week:

  • The pound touches its highest point against the Australian dollar in almost 5 weeks, or since the 6th of March, at 1.4801.
  • The euro has hit its strongest against the Australian dollar in almost a month, or since the 15th of March, at 1.2564.
  • The Australian dollar is at its highest against the US dollar since the 24th of January, or almost 3 months, at 1.0552.

(Please bear in mind, these are the interbank rates at the time of writing. This means the exchange rate may have changed since then.)

Let's take a closer look!

Pound Close to 5 Week High against the Aussie

Sterling shoots up!

The pound touched its highest point against the Australian dollar in almost 5 weeks this week, or since the 6th of May, at 1.4801.

To put this exchange rate into context, sterling was at just 1.4381 on the 12 of March. Hence, it's now +2.92% higher, or more than 4 cents.

A £250,000 transfer would hence be worth AU $10,500 more today than on the 12th of March.

Moreover, I think sterling may continue to rise against the Aussie. This is because:

  1. The Aussie dollar may soon fall, as Australia sheds 36,100 jobs in March, the biggest single-month loss since June 2009.

  2. The pound could rise, as the UK expanded +0.1% in the first 3 months of this year, according to NIESR, telling us the UK avoided recession!

 Given that, look for the pound to continue to strengthen against the Aussie dollar!

Euro at its Strongest Against the Aussie in almost a Month

The euro gains too!

The euro is at its strongest against the euro in almost a month this week, or since the 15th of March, at 1.2564.

This is because the Australian dollar has tanked, thanks to March's disappointing job figures.

In contrast with this exchange rate, the euro was as low as 1.2222 against the Aussie dollar on the 27th of March. Hence, it's since climbed +2.8%.

A €250,000 transfer would hence be worth AU $10,800 more today than on the 27th of March.

However, I doubt if the euro will continue to climb. Here's why:

  1. Unemployment in the Eurozone hit 12.0% in February, its highest ever point. That will weaken the euro.

  2. There's talk of Cyprus and Portugal leaving the euro at present, and Slovenia might soon need a bailout. That will bring the euro down too.

Therefore, this could be the highest the euro climbs against the Aussie dollar for some time!

Aussie Dollar Rises to Highest against US Dollar in almost 3 Months

The Aussie flies against the greenback!

It's the best time to exchange Australian dollars for US dollars in almost 3 months this week, or since the 24th of January, as the exchange rate hits 1.0552.

How come? Because the US dollar has sunk, as the US created just 88,000 jobs in March, the small figure in 9 months.

To look at this exchange rate another way, the Aussie dollar was at just 1.0115 on the 4th of March. Hence, it's since shot up +4.32%.

An AU $250,000 transfer would hence be worth AU $10,925 more today than on the 4th of March.

Moreover, I think the Aussie dollar will continue to climb!

This is because the US dollar is truly on the back foot now, following this jobs data.

Therefore, look for the Australian dollar to US dollar exchange rate to continue rising!

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