Weekly Currency Update GBP/AUD - Week ending 6th August
Aug 9th 2010, 2:02 pm
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Weekly Currency Update GBP/AUD - Week ending 6th August
As promised here’s a brief update on what’s been happening with the Australian Dollar over the last week.
Economic releases last week gave further evidence of a developing two speed economy; Retail Sales (+0.2% m/m), AIG Services Index (46.6 from 48.8) and Building Approvals (-3.3% m/m) all disappointed but a much better than forecast Trade Balance (+3.54b), which was largely driven by iron ore exports to China, highlighted the crucial importance of the mining sector in generating exports, jobs and investment. The RBA left rates on hold at 4.5% and gave an upbeat forecast for the economy in raising 2010 GDP to 3% from 2.5%. The AUD was able to hold recent gains but appetite to push through nearby strong resistance levels started to fade as the week closed. This week, employment data will be closely watched, especially as the RBA has highlighted it as a potential strain on the economy and source of inflationary pressure.
GBP/AUD movement – High’s & Low’s of last week (2nd August – 6th August)
High’s: 1.7544
Low's: 1.7261
A movement of 1.64%
Difference on £200,000
High: AUD 350,880
Low: AUD 345,220
Difference of: AUD 5,660
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
Economic releases last week gave further evidence of a developing two speed economy; Retail Sales (+0.2% m/m), AIG Services Index (46.6 from 48.8) and Building Approvals (-3.3% m/m) all disappointed but a much better than forecast Trade Balance (+3.54b), which was largely driven by iron ore exports to China, highlighted the crucial importance of the mining sector in generating exports, jobs and investment. The RBA left rates on hold at 4.5% and gave an upbeat forecast for the economy in raising 2010 GDP to 3% from 2.5%. The AUD was able to hold recent gains but appetite to push through nearby strong resistance levels started to fade as the week closed. This week, employment data will be closely watched, especially as the RBA has highlighted it as a potential strain on the economy and source of inflationary pressure.
GBP/AUD movement – High’s & Low’s of last week (2nd August – 6th August)
High’s: 1.7544
Low's: 1.7261
A movement of 1.64%
Difference on £200,000
High: AUD 350,880
Low: AUD 345,220
Difference of: AUD 5,660
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
