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Weekly Currency Update - GBP/AUD Week ending 15th January

Weekly Currency Update - GBP/AUD Week ending 15th January

Old Jan 11th 2010, 2:36 am
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Default Weekly Currency Update - GBP/AUD Week ending 15th January

Hi All,

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

Chances of another hike in official interest rates increased last week with release of November Retail Sales (+1.4% m/m) that surged past expectations (+0.3% m/m) to record the biggest increase in 8 months. The data was strong across all sectors and all states as consumers apparently shook of the drag on disposable income from 75 basis points of increases so far in this tightening cycle. Elsewhere, the Australian Industry Groups series of releases were mixed; the Manufacturing Index (48.5 from 51.2) fell back into contraction, the Services Index (50.0 from 52.5) slipped back but showed employment in the sector improving and the Construction Index (49.3 from 47.6) ticked closer to expansionary levels but is finding activity constrained by tight credit conditions. This week’s Employment Change will be watched closely as another strong number will further increase market expectations of a record 4th consecutive increase in official rates on February 2.


GBP/AUD Movement – High’s & Low’s of last week (04/01/10 – 08/01/10)

High’s:1.8009
Low’s: 1.7309

A movement of: 4.04%

Difference on £200k

High: AUD360,180
Low: AUD346,180

Difference of: AUD14,000

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
HiFX
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