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Weekly Currency Update - GBP/AUD week ending 27th November

Weekly Currency Update - GBP/AUD week ending 27th November

Old Nov 30th 2009, 1:32 pm
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Default Weekly Currency Update - GBP/AUD week ending 27th November

Hi All,

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

The RBA, through a speech by Deputy Governor Ric Battellino, gave a very upbeat assessment of the economy last week and fuelled expectations of another interest rate hike on December.

Battellino stated that the economy had entered a new growth phase that would last years, underpinned by booming mining investment, rapid population growth and rising household incomes. This positive sentiment was underpinned by data releases; New Auto Sales (+3.7% m/m), Construction Work Done (+2.2% q/q) both beat market forecasts.

The big market mover in the week was the announcement by Dubai that it was suspending bond repayments. Abu Dhabi, the richest and more conservative member of the emirate states, went some way to calming market jitters by announcing it would selectively support its neighbour.

The main focus for the coming week is on the RBA rate decision on Tuesday; the market is now only pricing a 25% probability of a rate increase, however, we can never be certain what will happen.


GBP/AUD Movement – High’s & Low’s of last week (23/11/09 – 27/11/09)

High’s: 1.8252 on the 27/11/09
Low’s: 1.7905 on the 25/11/09

A movement of:1.938 %.

Difference on £200k

High: AUD 365,040
Low: AUD 358,100

Difference of: AUD 6,940

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.

A further update will be added next week.

Regards


Mark Bodega
Director, HiFX
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