Weekly Currency Update GBP/AUD - Week ending 20th August
Aug 24th 2010, 8:48 am
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Weekly Currency Update GBP/AUD - Week ending 20th August
As promised here’s a brief update on what’s been happening with the Australian Dollar over the last week.
Aussie economic data last week was fairly light with the highlight being the release of the RBA’s Monetary Policy meeting minutes. The minutes did not reveal anything “new” to the markets and the key points were that the Board sees more uncertainty over the global economic outlook than earlier in the year; GDP growth is expected to rise to above average levels in 2011/12; underlying inflation seen rising to 3% in 2012 and they also noted that there is no risk that a Chinese economic slowdown will be greater than already expected. New Vehicle Sales continued their decline since the end of Government stimulus measures, dropping by 2.6% for the month. Comments by the RBA’s Battelino put a floor in AUD/USD on Friday as he stated that the economy was operating at close to full capacity and employment. The weekend’s election failed to deliver a clear winner, with both the Liberals and Labour now left to negotiate with the independents in an attempt to form a government. It remains unclear who will be successful or if another election will need to be called, this uncertainty is likely to last a couple of weeks.
GBP/AUD movement – High’s & Low’s of last week (16th August – 20th August)
High’s: 1. 7515
Low's: 1. 7155
Difference on £200,000
High: AUD 350,300
Low: AUD 343,100
Difference of: AUD 7,200
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
Aussie economic data last week was fairly light with the highlight being the release of the RBA’s Monetary Policy meeting minutes. The minutes did not reveal anything “new” to the markets and the key points were that the Board sees more uncertainty over the global economic outlook than earlier in the year; GDP growth is expected to rise to above average levels in 2011/12; underlying inflation seen rising to 3% in 2012 and they also noted that there is no risk that a Chinese economic slowdown will be greater than already expected. New Vehicle Sales continued their decline since the end of Government stimulus measures, dropping by 2.6% for the month. Comments by the RBA’s Battelino put a floor in AUD/USD on Friday as he stated that the economy was operating at close to full capacity and employment. The weekend’s election failed to deliver a clear winner, with both the Liberals and Labour now left to negotiate with the independents in an attempt to form a government. It remains unclear who will be successful or if another election will need to be called, this uncertainty is likely to last a couple of weeks.
GBP/AUD movement – High’s & Low’s of last week (16th August – 20th August)
High’s: 1. 7515
Low's: 1. 7155
Difference on £200,000
High: AUD 350,300
Low: AUD 343,100
Difference of: AUD 7,200
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
