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

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

Old Sep 14th 2009, 8:52 pm
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Default Weekly Currency Update - GBP/AUD Week ending 11th September

Hi All,

Here’s an update on what’s been happening with the Aussie Dollar over the last week.

The headline release of the NAB (National Australian Bank) Business Confidence (+18) survey jumped to its highest level since October 2003 and Business Conditions (+4) also gained on the back of hiring, sales and profits. However, the detail was not as encouraging with Forward Orders (-2), Employment (-11) and Capacity Utilisation (80.0%) all sliding backwards, indicating that prospects of a sustained recovery are not so assured.

Further evidence of fragile demand came through Retail Sales (-1.0% m/m) that fell back for the 2nd straight month and Home Loans (-2.0% m/m), both of which have benefitted heavily from government stimulus packages in the past 6 months. As fiscal support is reined back through Q4 2009, the RBA (Reserve Bank of Australia) will have to tread very carefully not to reverse improving business and consumer confidence by tightening monetary policy too sharply. RBA (Reserve Bank of Australia) releases will be watched closely this week for clues as to when the first rate hike will occur, with November holding market favouritism for now.

AUD Movement – High’s & Low’s of last week (7th – 11th September)

High’s: 1.9426
Low's: 1.9063

A movement of 1.90%

Difference on £200,000

High: 388,250 AUD
Low: 381,260 AUD

Difference of: 7,260 AUD

Whilst FX certainly 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.

Best Regards,

Mark Bodega
Director - HiFX

Last edited by Windsor2; Sep 14th 2009 at 10:18 pm.
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