A$ 2.45 to the £
Nov 30th 2004, 7:31 am
#1
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Thread Starter
Joined: Jan 2004
Location: Melbourne
Posts: 400
A$ 2.45 to the £
Big move today - 3 cents
Australian Dollar Falls on Unexpected Decline in Retail Sales
By Chris Young
Nov. 30 (Bloomberg) -- The Australian dollar had its biggest
decline in three months after government reports showed retail
sales unexpectedly fell in October and approvals for building
dropped to their lowest in three-years.
The reports also prompted futures traders to reduced bets
that the Reserve Bank of Australia will raise interest rates next
year. Government bond yields fell to their lowest since July 2003.
Australia's dollar is the biggest decliner of 16 major currencies
tracked by Bloomberg data in the past five days after economists
lowered their forecast for growth.
``This will put the Australian dollar on the back foot,''
said Greg Gibbs, a Sydney-based senior currency strategist at RBC
Capital Markets. ``The risks are that it will fall further in the
near-term as people begin to question the growth outlook.''
The Australian dollar fell 1.2 percent to 77.58 U.S. cents at
2:36 p.m. in Sydney from 78.15 cents immediately before the
report. It was the biggest drop for the currency since Aug. 30. It
traded at 78.50 late in Asia yesterday.
The currency has fallen over the past three days from a nine-
month high of 79.47 cents on Nov. 26 and may drop to about 77
cents in the next two weeks, said Gibbs.
Australian retail sales in October unexpectedly fell 0.7
percent, the Australian Bureau of Statistics said in Sydney today,
following a 0.7 percent increase in September. A separate report
showed building approvals fell 2.4 in October to the lowest since
May 2001.
`Shabby' GDP
``Overall, the figures are a big disappointment and will
continue to see the Australian dollar sold down,'' said David
Mozina, head of foreign exchange strategy at ABN Amro Australia
Ltd. in Sydney. ``The market is bracing itself for a shabby read
to third-quarter gross domestic product tomorrow.''
The currency fell yesterday after a report showed a record
current account deficit in the third quarter. A 10.2 percent three-
month rally in the Australian dollar has reduced the
competitiveness of exporters.
Following the report, 21 economists surveyed by Bloomberg
News, including those of ABN Amro, JPMorgan Chase & Co. and
Westpac Banking Corp., lowered their median forecast for third
quarter economic growth to 0.5 percent from 0.7 percent. The
economy grew 0.6 percent in the second quarter.
The GDP report will be released tomorrow at 11:30 a.m.
Australian Dollar Falls on Unexpected Decline in Retail Sales
By Chris Young
Nov. 30 (Bloomberg) -- The Australian dollar had its biggest
decline in three months after government reports showed retail
sales unexpectedly fell in October and approvals for building
dropped to their lowest in three-years.
The reports also prompted futures traders to reduced bets
that the Reserve Bank of Australia will raise interest rates next
year. Government bond yields fell to their lowest since July 2003.
Australia's dollar is the biggest decliner of 16 major currencies
tracked by Bloomberg data in the past five days after economists
lowered their forecast for growth.
``This will put the Australian dollar on the back foot,''
said Greg Gibbs, a Sydney-based senior currency strategist at RBC
Capital Markets. ``The risks are that it will fall further in the
near-term as people begin to question the growth outlook.''
The Australian dollar fell 1.2 percent to 77.58 U.S. cents at
2:36 p.m. in Sydney from 78.15 cents immediately before the
report. It was the biggest drop for the currency since Aug. 30. It
traded at 78.50 late in Asia yesterday.
The currency has fallen over the past three days from a nine-
month high of 79.47 cents on Nov. 26 and may drop to about 77
cents in the next two weeks, said Gibbs.
Australian retail sales in October unexpectedly fell 0.7
percent, the Australian Bureau of Statistics said in Sydney today,
following a 0.7 percent increase in September. A separate report
showed building approvals fell 2.4 in October to the lowest since
May 2001.
`Shabby' GDP
``Overall, the figures are a big disappointment and will
continue to see the Australian dollar sold down,'' said David
Mozina, head of foreign exchange strategy at ABN Amro Australia
Ltd. in Sydney. ``The market is bracing itself for a shabby read
to third-quarter gross domestic product tomorrow.''
The currency fell yesterday after a report showed a record
current account deficit in the third quarter. A 10.2 percent three-
month rally in the Australian dollar has reduced the
competitiveness of exporters.
Following the report, 21 economists surveyed by Bloomberg
News, including those of ABN Amro, JPMorgan Chase & Co. and
Westpac Banking Corp., lowered their median forecast for third
quarter economic growth to 0.5 percent from 0.7 percent. The
economy grew 0.6 percent in the second quarter.
The GDP report will be released tomorrow at 11:30 a.m.
Nov 30th 2004, 7:33 am
#2
What's happening dudes?
Joined: Mar 2004
Location: Bayside Brisbane
Posts: 20,647
Re: A$ 2.45 to the £
Originally Posted by Jimbo9
Australian Dollar Falls .
Nov 30th 2004, 10:23 am
#3
¤¤¤ • ¤¤¤ • ¤¤¤ • ¤¤¤
Joined: May 2004
Location: Frankston South, Victoria
Posts: 2,867
Re: A$ 2.45 to the £
Originally Posted by wmoore
Woohoo
D D
Nov 30th 2004, 11:15 am
#4
What's happening dudes?
Joined: Mar 2004
Location: Bayside Brisbane
Posts: 20,647
Re: A$ 2.45 to the £
Originally Posted by DollyDaydream
Are you going to bring Johnny back after Christmas, I miss him!!
D D
D D
