Australian Dollar Exchange Rates Climb As Key Results Are Poised For Announcement

Australian Dollar Rates Highly Favourable on Day of EU Referendum

1. The Pound to Australian Dollar exchange rate today is -5.13 pct at 1.82858.
2. The Euro to Australian Dollar exchange rate fell -1 pct to 1.4853

Although the Australian dollar has appreciated against the New Zealand dollar today, but both currencies remains high overall.

This deterioration in appeal for the AUD in the pairing may be partly due to the result of the US’s manufacturing PMI for June.

lthough expectations were for a minor rise from 50.7 to 50.9, the reality saw a greater climb to 51.4.

The ‘Aussie’ has been on a clear all-around rally against all of its peers today, barring against the New Zealand Dollar, which has also been in a highly positive state.

The source of this rally is likely to be the ongoing EU Referendum vote, which is scheduled to close at 10pm tonight. Voting opened at 7am, at which point Pound movement began to fluctuate notably.

This fluctuation has greatly benefitted the ‘Aussie’ indirectly, as the US Dollar has dropped off due to low demand, which has pushed up both the AUD and the NZD.

Find the day’s AUD fx rates below

Australian Home Sales Stats due Next Week

Ahead of the coming week, the ‘Aussie’ is likely to be impacted notably by tomorrow’s EU Referendum result. Based on some predictions, it seems like both an ‘In’ or ‘Out’ vote would benefit the AUD.

This is due to estimates for what could happen to the US Dollar; if ‘Remain’ wins, demand for the safe-haven USD is not expected to increase. In the event of an ‘Out’ vote, economists are concerned that a potential loss of trillion in trade between the UK and US would also lower the USD’s appeal.

In terms of actual domestic data, the next contributions from Australia will consist of the coming Wednesday’s HIA new home sales for May, as well as the private sector credit results for the same month that are due a day later.

New Zealand Dollar High alongside Australian Dollar on High-Yield Demand

The ‘Kiwi’ has charted a similar course to the ‘Aussie’ recently, although when it comes down to it, the New Zealand Dollar has managed to edge up against the Australian Dollar in the direct pairing.

Recent developments within the country have included the price of milk failing to notably rise or fall on past levels.

In addition, the Reserve Bank of New Zealand (RBNZ) has recently issued a report on inflation expectations; the central bank has stated that due to the current speed of inflation expectations, the current actual level of CPI is unusually low.

Future NZ Data to Consist of Trade Balance and Permits Results

For the antipodean nation, the next notable domestic data will come over the weekend on Sunday. This will consist of trade balance stats for May, as well as export and import results for the same month.

Following on from this on Wednesday will be the May building permits results, while Thursday will see the announcement of June’s ANZ business confidence stats.

As with a number of UK-linked countries, there have been concerns among some economists that tourism in NZ could dwindle if the UK exits the EU.

NZ Researcher Forecasts Tourist Export Drop Off after ‘Brexit’

The future of New Zealand’s tourism industry may be intrinsically linked to the outcome of the EU Referendum, based on research from the New Zealand Institute of Economic Research.

Deputy Chief Executive John Ballingall has stated that:

‘Slower income growth is likely to dampen the demand for our tourism exports, as UK travellers may well postpone long-haul travel until economic conditions improve’.