Weekly Currency Update GBP/AUD - Week ending 12th March
Mar 16th 2010, 10:32 am
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Weekly Currency Update GBP/AUD - Week ending 12th March
Hi All,
As promised here’s a brief update on what’s been happening with the Australian Dollar over the last week.
Last week saw February job advertisements (+19.1% m/m) in newspapers and the internet surge to their highest level in a year, suggesting that the softness in January was an anomaly. Between October and January a massive 194k jobs have been created and provided the RBA with ample reason not to hold interest rates at emergency levels. The Unemployment Rate (5.3%) and Employment Change (400k) headline numbers were a disappointment but the underlying data was still solid with full-time employment (+11.4k) and hours worked (+2.4% m/m) showing improving trends.
The NAB Business Confidence (+19 form +15) and Conditions (+8 from +3) surveys rose strongly for a second straight month; sales and profits recovered from January’s dip giving further evidence of an economy moving ahead strongly. Mining is still the main driver for improving sentiment, followed by retailing and transport/utilities.
A thin data diary this week will see attention focussed on RBA Board members’ speeches and monetary policy meeting minutes.
GBP/AUD movement – High’s & Low’s of last week (8th March – 12th March)
High’s: 1.6680
Low's: 1.6247
A movement of 2.67%
Difference on £200,000
High: AUD 333,600
Low: AUD 324,940
Difference of: AUD 8,660
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.
Regards
Mark Bodega
Director - HiFX
As promised here’s a brief update on what’s been happening with the Australian Dollar over the last week.
Last week saw February job advertisements (+19.1% m/m) in newspapers and the internet surge to their highest level in a year, suggesting that the softness in January was an anomaly. Between October and January a massive 194k jobs have been created and provided the RBA with ample reason not to hold interest rates at emergency levels. The Unemployment Rate (5.3%) and Employment Change (400k) headline numbers were a disappointment but the underlying data was still solid with full-time employment (+11.4k) and hours worked (+2.4% m/m) showing improving trends.
The NAB Business Confidence (+19 form +15) and Conditions (+8 from +3) surveys rose strongly for a second straight month; sales and profits recovered from January’s dip giving further evidence of an economy moving ahead strongly. Mining is still the main driver for improving sentiment, followed by retailing and transport/utilities.
A thin data diary this week will see attention focussed on RBA Board members’ speeches and monetary policy meeting minutes.
GBP/AUD movement – High’s & Low’s of last week (8th March – 12th March)
High’s: 1.6680
Low's: 1.6247
A movement of 2.67%
Difference on £200,000
High: AUD 333,600
Low: AUD 324,940
Difference of: AUD 8,660
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.
Regards
Mark Bodega
Director - HiFX
