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Weekly Currency Update GBP/AUD - Week ending 5th February

Weekly Currency Update GBP/AUD - Week ending 5th February

Old Feb 1st 2010, 10:38 pm
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Default Weekly Currency Update GBP/AUD - Week ending 5th February

Hi All,

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

The Reserve Bank of Australia left interest rates unchanged at 3.75%. The markets were widely expecting another hike of 0.25% to 4%.
The Australian dollar fell instantly by over 1%. The dollar may have weakened further had it not been for the accompanying statement which hinted that the current "Interest rates ... remain lower than average". “If economic conditions evolve broadly as expected, the Board considers it likely that monetary policy will, over time, need to be adjusted further".
They also gave a positive outlook on the Oz economy stating that unemployment has now peaked.
Net result, an additional A$200 for any client trading £10,000 from yesterday and it seems quite clear that there are future interest rate increase for the A$ that will continue to make it attractive to investors looking for a decent return on their cash; keeping their currency strong.


GBP/AUD Movement – High’s & Low’s of last week (25/01/10 – 29/01/10)

High’s:1.8140
Low’s: 1.7754

A movement of: 2.17%

Difference on £200k

High: AUD362,800
Low: AUD355,080

Difference of: AUD 7,720

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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