Go Back  British Expats > Partner Forums > HiFX - International Currency Transfers
Reload this Page >

Weekly Currency Update - GBP/AUD Week ending 22th January

Weekly Currency Update - GBP/AUD Week ending 22th January

Old Jan 19th 2010, 1:55 am
  #1  
BE Enthusiast
Thread Starter
 
Joined: Dec 2004
Posts: 524
Windsor2 will become famous soon enoughWindsor2 will become famous soon enough
Default Weekly Currency Update - GBP/AUD Week ending 22th January

Hi All,

As promised here’s a brief update on what’s been happening with the Aussie Dollar over the last week.
Commodity-linked currencies weakened after China said it was raising banks’ reserve requirements, igniting concerns that the move may threaten Chinese demand and slow down global economic recovery. This will reduce the amount of capital a bank can use for lending which impacts consumer & business’ access to credit.
As a big importer of world commodities, a potential drop in China’s demand could prove crucial for currencies such as the Australian dollar, which lost 1 per cent to $0.9202 against the dollar on Tuesday. Australia is a big exporter of raw minerals and materials to china so a slowing in demand from China would impact their economy.

Job Advertisements (+6.0% m/m) hit a 31 month high and gave a good pointer to the improving conditions in the underlying jobs market. Advertisements in newspapers and on the internet have grown by 19.1% since the trough in July but are still down 22.6% since December 2008. Despite this positive lead into the full Employment Report later in the week, the market was stunned by the growth in Payrolls of 35.2k and the fall in the Unemployment Rate to 5.5%.

Following the strong Retail Sales report the previous week the pressure is building for an unprecedented 4th consecutive rise in official rates on February 2. The only piece of disappointing data came from Home Loans that fell by a steeper than expected 5.6%, as higher interest rates and fewer government handouts cooled demand. However, home construction loans remained near record levels indicating that a durable boom in the building sector could underpin the general economy in the coming months; this may also put pressure on the skilled labour pool, wages and eventually feed into higher interest rates. This week Business Confidence and Consumer Sentiment will be watched closely on the domestic front.


GBP/AUD movement – High’s & Low’s of last week (11-01-10 to 15-01-10)

High’s: 1.7674
Low's: 1.7259

A movement of 2.40%

Difference on £200,000

High: AUD 353,480
Low: AUD 345,180

Difference of: AUD 8,300

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
Windsor2 is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Manage Preferences - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.