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

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

Old Mar 9th 2010, 12:12 am
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Default Weekly Currency Update GBP/AUD - Week ending 5th March

Hi All,

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

Last week the RBA resumed its course of normalising rates by raising official rates by 25 basis points and again primed the market for more hikes in months to come by stating the decision was a further step to moving rates to the average; with the average over the last 15 years sitting at 5.40%, at least another 1% of monetary policy tightening can be expected over the next 12 months. The AIG series of releases gave a mixed overview of the domestic economy; Services (48.3 from 47.4) moved another step closer to the important 50 level denoting expansion, Manufacturing (53.8 from 51.0) showed good strength underpinned by mining and capital expenditure but Construction (52.8 from 57.7) slipped back as the effect of government stimulus started to wane. Retail Sales (+1.2% m/m) bounced back from a disappointing fall the previous month highlighting consumers’ capacity to cope with increasing borrowing costs. Headline Building Approvals (-7.0% m/m) disappointed but after stripping out the volatile multi-unit sector underlying new house approvals rose 0.3% m/m, with total approvals up a steep 48% y/y. This week employment data will be watched to gauge the pace of the recovery and the timing of the next rate hike.

GBP/AUD movement – High’s & Low’s of last week (1st March – 5th March)

High’s: 1.7017
Low's: 1.6497

A movement of 3.15%

Difference on £200,000

High: AUD 340,340
Low: AUD 329,940

Difference of: AUD 10,400

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
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