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Weekly Currency Update - GBP/AUD Week ending 11th December

Weekly Currency Update - GBP/AUD Week ending 11th December

Old Dec 7th 2009, 10:46 am
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Default Weekly Currency Update - GBP/AUD Week ending 11th December

Hi All,

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

As expected the RBA raised rates by 25 basis points to 3.75, a record third successive monthly increase, and although it considers the policy tightening is ‘material’ there is no sign yet that the central bank is ready to pause.
The weekly data was supportive of an economy entering a renewed strong growth phase, as the Australian Industry Group’s indices for manufacturing (51.2) and services (52.5), Retail Sales (+0.3% m/m) bounced back from a negative the month before and Private Sector House Approvals jumped sharply (+5% m/m) to be up 26% for the year and the highest level since April 2004.
Despite the interest rate rise and strong domestic data the AUD closed the week being sold after unexpectedly strong US employment data brought the prospect of the Fed Reserve hiking rates a little closer.
This week a broad range of data will give a good indication of the strength of the recovery across most sectors of the economy, culminating with the employment report on Thursday.

GBP/AUD Movement – High’s & Low’s of last week (30/11/09 – 04/12/09)

High’s: 1.8165 on the 30/11/09
Low’s: 1.7829 on the 03/12/09

A movement of: 2.09%

Difference on £200k

High: AUD 363,300
Low: AUD 356,580

Difference of: AUD 6,720

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
Director
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