💱 Currency update from SportsFX
The Australian Dollar (AUD) has experienced a significant decline against most major currencies, driven by weak market sentiment, disappointing Chinese economic data, and an overall risk-off mood among investors.
Over the past nine trading days, the AUD/USD pair has seen continuous declines, with the potential for further depreciation if current trends persist.
Read the full article here ⤵
The AUD has seen some big falls this week, and in addition to recent declines over the past few weeks, the AUD sits at the following lows this morning:
AUD/USD - 0.6537 - down 2.2% this week, adding to the 1.5% fall last week.
AUD/EUR - 0.6027 - down 1.9% this week, adding to the 1.2% fall last week.
AUD/GBP - 0.5085 - down 1.8% this week, adding to the 1% fall last week.
AUD/JPY - 100.62 - down 4.5% this week, adding to a 1.7% fall last week, and another 1.3% the week before.
AUD/NZD - No movement this week, however, it has seen an increase for 4 weeks in a row reaching 1.11
What does this mean for you?
➡ If you're an overseas athlete or business earning a foreign currency, eg: USD, GBP, or EUR then it's a very good time to take advantage of the weaker Australian dollar and move some money home.
➡ If you're earning Australian Dollars and need to send them from Australia, then potentially holding off for a couple of weeks might be a worthwhile idea to see what unfolds after this very volatile week.
If you want to discuss this in further detail, please book a call with me below ⤵️
This week, since we have had a large number of new subscribers, we’ve collated some of our most popular articles over the past few months, please see below:
🎙 If you would prefer to listen to some of the recent Podcast Episodes, please check them out here ⬇
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