Even though rates would probably be considered “overbought” on the daily chart the news is going to be of some relief to those of you looking to transfer some of your hard earned cash to foreign Australian shores.
One of the key reasons for the weakening of the Australian dollar is due to the way in which the Australian GDP figure undershot expectations.
“The Australian GDP figure for Q1 was revised higher to 1.4%, the news from Q2 was rather more disappointing, coming in at 0.6%. Certainly George Osborne would give his right arm for such a growth figure but the bar is set rather higher for Australia’s healthier economy and 0.6% doesn’t quite cut the mustard.
Certainly the market has reacted by selling the AUD overnight and this figure may be enough to make the RBA sit up and take note too, which will probably result in a more dovish RBA statement next month,” says a morning foreign currency note from Caxton FX.
So is now the time to buys your Aussie dollars? Well it’s all relative in the end but it’s certainly looking a lot healthier for new migrants looking to emigrate to Australia.