Windsor2

Last week the economic data came in pretty close to expectations reflecting the neutral state of the economy, far from the some of the dire reports from the press. Inflation remained at 3.1% in September and the trade balance improved to £8.2bn and most importantly the employment sector remains resilient with the unemployment rate dipping to 7.7%.

In Australia business confidence eased to 10 from 11 in September according to the NAB survey and the Chinese trade data came in weaker than expected but still remains the envy of the world with a surplus of 16.9bn USD.
Last week we saw GBP/AUD briefly test below the psychological 1.60 level, the strongest level that we have seen for the Australian dollar since the mid 1980’s.

GBP/AUD movement – High’s & Low’s of last week (11th October– 15th October)

High’s: 1.6250
Low's: 1.5960

A movement of 1.8%

Difference on £200,000

High: 325,000
Low: 319,200

Difference of: 5,800

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