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Weekly Currency Update GBP/AUD - Week ending 19th February

Weekly Currency Update GBP/AUD - Week ending 19th February

Old Feb 21st 2010, 10:36 pm
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Default Weekly Currency Update GBP/AUD - Week ending 19th February

Hi All,

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

The NAB Quarterly Business Confidence (15 from 8) survey showed businesses are more optimistic than at any time in the last 15 years. Sales and profitability are on the increase and this has driven a marked pick up in hiring. Prospects for the next 12 months also look positive with a solid rise in forward orders and a lift in investment intentions underpinning an extension to the recovery.

A modest but rising proportion of businesses also reported that labour and materials had begun to constrain output. RBA Governor Stevens confirmed in testimony to a House of Representatives committee that official rates were still expansionary and that up to 100 basis points of hikes were still on the table. The normalisation of rates to around 5% is expected to be phased in gradually between now and the end of the year. This week construction data and any early signs of inflation in Wage Prices will be watched closely.


GBP/AUD Movement – High’s & Low’s of last week (15/02/10 – 19/02/10)
High’s:1.7687
Low’s: 1.7198

A movement of: 2.84%

Difference on £200k

High: AUD 353,740
Low: AUD 343,960

Difference of: AUD 9,760

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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