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GBP/AUD January Currency Update

GBP/AUD January Currency Update

Old Mar 1st 2010, 11:32 pm
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Default GBP/AUD Currency Update

Hi All,

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

Private Capital Expenditure (+5.5% q/q) beat market expectations as a government tax break for small business boosted new vehicle sales. Spending on plant and machinery also surged by 12.4% and this bodes well for the Q4 GDP release this week. Planned capital expenditure for 2009/10 ($110.4b from $103.7b) and 2010/11 ($101.1b) remains historically high and is a measure of confidence in the business community about future prospects; this is particularly true of the mining sector that is priming itself for strong demand for resources from China and India. Despite the improving outlook, Q4 Wage Prices (+0.6% q/q) eased to the slowest pace in a decade, though pay deals would likely pick up from here as demand from labour intensive industries (construction and mining) steadily increases. A broad range of data this week will give the market much to ponder but the RBA decision on Tuesday will dominate; traders are only pricing in a 30% probability of a rate hike this month.


GBP/AUD Movement – High’s & Low’s of last week (22/02/10 – 26/02/10)

High’s:1.7416
Low’s: 1.6988

A movement of: 2.52%

Difference on £200k

High: AUD348,320
Low: AUD339,760

Difference of: AUD8,560

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
HiFX

Last edited by Windsor2; Mar 1st 2010 at 11:41 pm.
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