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GBP/AUD January Currency Update

GBP/AUD January Currency Update

Old Jan 24th 2010, 10:56 pm
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Default GBP/AUD January Currency Update

Hi All,

As promised here’s a brief update on what’s been happening with the Australian Dollar over the last week.

A private measure of inflation, the TD-MI Inflation Gauge, rose for a 2nd straight Month in December, suggesting the low for inflation has been seen and price pressures were set to pick during the year. The annual pace of inflation picked up to 2.6% from 2.1% a month earlier and although still within the RBA’s 2-3% target range is markedly higher than the 1.2% trough seen in October. Westpac Consumer Sentiment (+5.6%) bounced back after 2 months of falls and is now 33% higher than the level seen in January 2009. Improving employment conditions have buoyed sentiment despite a record 3 consecutive hikes in official rates and even steeper rates rises from the big four commercial banks. This week’s consumer price data, particularly the RBA’s preferred trimmed mean CPI, will be closely watched for further justification for another rate hike on February 2 after strong retail sales and employment data in recent weeks.


GBP/AUD Movement – High’s & Low’s of last week (18/01/10 – 22/01/10)

High’s:1.8011
Low’s: 1.7581

A movement of: 2.45%

Difference on £200k

High: AUD360,220
Low: AUD351,620

Difference of: AUD8,600

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.

A further update will be added next week.

Regards

Mark Bodega
Director
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