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GBP/AUD Febuary Currency Update

GBP/AUD Febuary Currency Update

Old Feb 5th 2010, 2:25 am
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Default GBP/AUD February Currency Update

With very little data released in January it was left to Sterling to create the waves. With our GDP increasing by 0.1%, we saw the UK officially come out of recession.

Interest rates were kept on hold in both countries, so there was limited reaction by the markets. With the Australian economy growing all sights were on February’s announcement from the RBA to see if interest rates were increased? Remaining on hold at 3.75% against market expectation, there was a sigh of relief from house owners Downunder.

The Aussie Dollar continues to be a source of high yield as apposed to other currencies and therefore demand to buy the currency remains strong. There is always a correlation between the two economies of Australia and New Zealand, both thriving off Asia’s unfaltering growth. However, there was a scare from China in January when the Chinese Government placed some restrictions on there domestic borrowing and tighten their reserves. This was a signal to the markets that all may not be as ‘rosie’ as it seems in the Land of Rising Sun. This sent jitters across Australia, who had too admit the reliance on China’s boom.

Sterling could not benefit dramatically from this, as it remains on the back foot with the extensive QE and consumer debt.

Current Central Bank Rates:

Australia (Reserve Bank): 3.75%
UK (Bank of England): 0.50%

GBP/AUD Highs & Lows of January:

High: 1.8140
Low: 1.7259

A movement of: 5.10%

Difference this would make on £200k

High: 362,800AUD
Low: 345,180 AUD

A difference of 17,620 AUD.

All of the information above can be explained clearly by your personalised dealer should you open a trading facility with HIFX. To discuss your requirements in more detail and for a free currency consultation please contact HiFX plc on 01753 859 159 or email [email protected].

Last edited by Windsor2; Feb 5th 2010 at 2:43 am.
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