Weekly Currency Update GBP/AUD - Week ending 13th August
Aug 17th 2010, 1:27 pm
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Weekly Currency Update GBP/AUD - Week ending 13th August
As promised here’s a brief update on what’s been happening with the Australian Dollar over the last week.
NAB Business Confidence (2 from 4) fell to a 14-month low as sales and profits were squeezed in July and perhaps more concerning was the fall in New Orders (-8 from +6) that could signal a more prolonged period of weak activity. Construction, manufacturing and retail all suffered as consumers felt the pinch of higher interest rates and influence of government stimulus spending continuing to fade. Overall, business investment plans remained strong but this was almost entirely centred on the mining industry, with other sectors showing significant scaling back of planned expenditure; another worrying sign of a developing two speed economy. The employment data was also on the disappointing side, as the Unemployment Rate (5.3% from 5.1%) unexpectedly jumped despite another month of payroll growth (+23.5k) that was mainly fuelled by part-time employment. The AUD suffered a bout of selling as risk version was heightened on global/China growth concerns.
GBP/AUD movement – High’s & Low’s of last week (9th August – 13th August)
High’s: 1.7548
Low's: 1.7273
A movement of 1.59%
Difference on £200,000
High: AUD 350,960
Low: AUD 345,460
Difference of: AUD 5,500
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
NAB Business Confidence (2 from 4) fell to a 14-month low as sales and profits were squeezed in July and perhaps more concerning was the fall in New Orders (-8 from +6) that could signal a more prolonged period of weak activity. Construction, manufacturing and retail all suffered as consumers felt the pinch of higher interest rates and influence of government stimulus spending continuing to fade. Overall, business investment plans remained strong but this was almost entirely centred on the mining industry, with other sectors showing significant scaling back of planned expenditure; another worrying sign of a developing two speed economy. The employment data was also on the disappointing side, as the Unemployment Rate (5.3% from 5.1%) unexpectedly jumped despite another month of payroll growth (+23.5k) that was mainly fuelled by part-time employment. The AUD suffered a bout of selling as risk version was heightened on global/China growth concerns.
GBP/AUD movement – High’s & Low’s of last week (9th August – 13th August)
High’s: 1.7548
Low's: 1.7273
A movement of 1.59%
Difference on £200,000
High: AUD 350,960
Low: AUD 345,460
Difference of: AUD 5,500
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
