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Australian Dollar climbed against the US Dollar

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The Australian Dollar climbed against the US Dollar amid expectations from Westpac Banking Corporation earlier today after data indicated that Australian consumer confidence for February climbed to the highest level since November 2011.

Although the pound Australian dollar exchange rate is 0.65% down on yesterday, the GBP/AUD is currently at 1.4576 while the pound New Zealand dollar exchange rate is at 1.8667.

Additional boosts for the Australian Dollar was the rebound in new motor vehicle sales and improvement in business confidence for January, has further aided the trading sentiment towards the Australian Dollar. It is expected that the money markets are closely monitoring the Australian unemployment data tomorrow’s which is expected to register an uptick for January and with the fading concerns over the Greek debt situation due to the Chinese promise of support to the Eurozone has further increased the exchange rate for the Australian Dollar.

Rupert Lee-Browne CEO Caxton FX said to Send Money Home "There is evidence that the recent Australian interest rate cuts have helped their economy back by the consumer sentiment survey which has revealed some excellent progress. China’s pledge of support for the eurozone also gave risk appetite a decent push last night, spurring on Asian stocks and the Australian dollar,"

GBP/AUD is trading down at fresh lows below 1.46 and even weaker levels could be tested today. This pair is currently trading below 1.87 and we may see last summer’s lows of 1.86 be tested in the near future.

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