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

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

Old Mar 22nd 2010, 11:34 pm
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Default Weekly Currency Update GBP/AUD - Week ending 19th March

Hi All,

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

Last week saw release of the Westpac Q1 Industrial Trends Survey (56.7 from 50.4) that showed manufacturing activity is expanding at the highest rate since Q4 2007, with expectations for the next quarter at the strongest since the series began in 1974. The survey is among the preferred indicators of future business activity reviewed by the RBA and will certainly not discourage further interest rate hikes in the months ahead as both labour markets and spare industrial capacity start to pressure inflation expectations.
New Home Building (+15.1% q/q) was also extremely buoyant in Q4 as government stimulus, low mortgage rates and underlying demand boosted activity to the highest level in 2 years. Despite the very strong data, market expectations of another hike in official rates on April 6 remain subdued at a probability of 14%.

A light data diary this week will see market attention focused on the US data and various RBA board member speeches.


GBP/AUD movement – High’s & Low’s of last week (15th March – 19th March)

High’s: 1.6672
Low's: 1.6374

A movement of 1.82%

Difference on £200,000

High: AUD 333,440
Low: AUD 327,480

Difference of: AUD 5,960

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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