GBP/AUD Weekly Currency Update

Old Jan 4th 2010, 3:18 am
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Default GBP/AUD Weekly Currency Update

Hi All,

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

With little data of significance out last week it seemed that appetite for yield was a big driver in the AUD appreciation last week, albeit in a very low liquidity environment.
Equity markets after fairly firm trading early on actually finished down for the week, with AUD closing close to its festive period highs; thus confirming a continued breakdown in that correlation. The USD held its ground against the major’s and thus its was a genuine desire for the AUD that drove its appreciation as opposed to a broad based aversion to the USD. This week liquidity is expected to gradually improve (although a significant number of market participants remain on holiday until next week). However, US data is expected to be the bigger driver here, as the FOMC minutes and the employment report may shed light on the removal of stimulus by the FED and thus also the direction of the AUD/USD interest rate differential.


GBP/AUD Movement – High’s & Low’s of last week (28/12/09 – 01/01/10)

High’s:1.8095
Low’s: 1.7709

A movement of: 2.18%

Difference on £200k

High: AUD361,900
Low: AUD354,180

Difference of: AUD7,720

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
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