Windsor2

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

Last weeks movement was mainly driven by central bank comments and releases as there was little in the way of major economic data.
The Reserve Bank of Australia were first up with their minutes from the meeting this month where they left rates on hold at 4.5%. The comments said it stood ready to use interest rates to help manage an expected strong pickup in the domestic economy in coming months, signalling they may increase rates at October or November’s meetings, or even both! This strengthened the Oz Dollar close to the 15-year high it hit against the Pound in May (1.6210).

All eyes are on the next interest rate announcement due 5th October.

GBP/AUD movement – High’s & Low’s of last week (20th September– 24th September)

High’s: 1. 6715
Low's: 1. 6314

A movement of 2.46%

Difference on £200,000

High: AUD 334,300
Low: AUD 326,280

Difference of: AUD 8,020

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