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GBP/AUD December 09 Currency Update

GBP/AUD December 09 Currency Update

Old Dec 3rd 2009, 2:00 pm
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Default GBP/AUD December 09 Currency Update

Hi All,

Here is an update of what’s been happening in the Currency Markets throughout November with the Aussie Dollar.

The month continued to see the Aussie Dollar push lower against Sterling to 1.7697, this falls inline with market sentiment suggesting that Australia’s economy will continue to grow, RBA raised interest rates by 25 basis points in November to control inflationary pressures. With this in mind, much of the focus will be on the RBA’s rate decision in December and the market may already be pricing in another rate increase of 25 basis points before Christmas, as the next interest rate review will be in February 2010.

Industry and Employment has also shared some limelight last month with The Employment Change (+24,500) showing that the economy is still creating jobs at a very healthy rate (albeit in the part-time sector). We also saw a very small increase in Unemployment from 5.7% to 5.8% however; this is a marked reduction from 8.75%, that was witnessed at the height of the global financial crisis.

Deputy Governor of the RBA, Ric Battellino, also gave a very upbeat assessment of the economy. Stating that Australia had entered a ‘new growth phase’ that could potentially last for years. This was underpinned by booming mining investment, rapid population growth and rising household incomes. Data supporting this view came in from New Auto Sales (+3.7% m/m) Construction Work done (+2.2% q/q) which beat market expectations.

Current Central Bank Rates:

Australia (Reserve Bank): 3.00% (Next meeting 1st December)
UK (Bank of England): 0.50% (Next meeting 10th December)

GBP/AUD Highs & Lows of November:

High: 1.8366
Low: 1.7697

A movement of: 3.78%

Difference this would make on £200k

High: 367,320 AUD
Low: 359,340 AUD

A difference of 7,980 AUD.

Whilst FX isn't the most thrilling of subjects, the sooner you begin to think about your money transfers, the more likely you are to make your money go further.


Mark Bodega
Director - HiFX
Windsor2 is offline  

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