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Weekly Currency Update - GBP/AUD Week ending 18th September

Weekly Currency Update - GBP/AUD Week ending 18th September

Old Sep 21st 2009, 11:05 pm
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Default Weekly Currency Update - GBP/AUD Week ending 18th September

Hi All,

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

GBP/AUD: The Aussie Dollar rallied to a 24-year high against a broadly weaker Sterling last week as investors continued to go long on the back of rising confidence in riskier assets such as stocks and commodities. Reaction was relatively muted after Australia’s Central Bank voiced that it felt the economy was substantially stronger than expected at its policy meeting earlier this month, but decided there was enough uncertainty at home and abroad to argue against a hike for the time being.

Minutes from the RBA’s (Reserve Bank of Australia) policy meeting on Tuesday showed its board had balanced the risk of fuelling inflation against prematurely choking off recovery when it decided to leave cash rates (Interest Rates) at a record low of 3.00%.

GBP/AUD movement – High’s & Low’s of last week (14/09/09 – 18/09/09)

High’s: 1.9422
Low's: 1.8702

A movement of 3.85%

Difference on £200,000

High: 388,440 AUD
Low: 374,040 AUD

Difference of: 14,400 AUD.

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
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