GBP/AUD March Currency Update

Old Apr 12th 2010, 12:33 am
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Default GBP/AUD March Currency Update

The Australian economy pressed ahead again this month with limited signals of slowing down. As with many of the commodity currencies, the Aussie Dollar weathered the financial storm of the last 2 years; particularly Australia, as a key trading partner of China. Sydney is reportedly the new home to 1500 immigrants every month, absorbed by the booming economy. The expediential growth in the antipodean region is not without it’s problems. Attempting to slow down the consumer frenzy the RBA have been raising interest rates, and this month was no exception with an increase of 25 basis points to 4.25%. This is increasing the cost of home ownership and the housing market is stagnating under increasing pressure.

The Ozzie Dollar was trading in the beginning of the month at levels last seen around 1985! Does this mean it is now ready to turn around and head back up? For the time being it doesn’t look like it. However, during the recession in the 1980’s we saw GBP/AUD down at 1.35! With the pound looking like it will continue to slip, these lows are potentially not far away and whilst the levels are not where we would like to be seeing them currently, the reasons behind it are justified.

Whilst the levels are low, remember the reasons we’re seeing them like this is because of how the two respective economies are performing. Remaining positive - it means Australia has a fantastic economy to be moving into!! The flip side of this though does mean less favorable exchange rates.

Current Central Bank Rates:

BOE (Bank Of England): 0.50%
RBA (Reserve Bank of Australia): 4.00%

GBP/AUD Highs & Lows of March:

High: 1.6918
Low: 1.6244

A movement of: 4.14%

Difference this would make on £200k

High: AUD 338,360
Low: AUD 324,880

A difference of AUD 13,480

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].

Kind regards,

Mark Bodega
Director - HIFX
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