Weekly Currency Update GBP/AUD - Week ending 27th August
Aug 31st 2010, 1:11 pm
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Weekly Currency Update GBP/AUD - Week ending 27th August
As promised here’s a brief update on what’s been happening with the Australian Dollar over the last week.
Construction Work (+3.5% q/q) gave the market a mid-week boost as both residential and engineering construction started to take up the slack from diminishing government spending and supported the RBA view of a buoyant domestic economy in the near-term, even as doubts about global growth continue to build.
However, outside of the mining industry activity is not so high as seen in Private Capital Expenditure that fell sharply below market expectations; the poor headline figure was offset by future intentions that showed strong investment into 2011. Overall, the market was left unmoved in its expectation that rates would stay on hold for the remainder of 2010. A fuller diary this week will give an overview of the broad economy with data releases on retail sales, manufacturing and housing.
GBP/AUD movement – High’s & Low’s of last week (23rd August – 27th August)
High’s: 1. 7610
Low's: 1. 7243
A movement of 2.13%
Difference on £200,000
High: AUD 352,200
Low: AUD 344,860
Difference of: AUD 7,340
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
Construction Work (+3.5% q/q) gave the market a mid-week boost as both residential and engineering construction started to take up the slack from diminishing government spending and supported the RBA view of a buoyant domestic economy in the near-term, even as doubts about global growth continue to build.
However, outside of the mining industry activity is not so high as seen in Private Capital Expenditure that fell sharply below market expectations; the poor headline figure was offset by future intentions that showed strong investment into 2011. Overall, the market was left unmoved in its expectation that rates would stay on hold for the remainder of 2010. A fuller diary this week will give an overview of the broad economy with data releases on retail sales, manufacturing and housing.
GBP/AUD movement – High’s & Low’s of last week (23rd August – 27th August)
High’s: 1. 7610
Low's: 1. 7243
A movement of 2.13%
Difference on £200,000
High: AUD 352,200
Low: AUD 344,860
Difference of: AUD 7,340
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
