As promised here’s a brief update on what’s been happening with the Aussie Dollar over the last week.
GBP/AUD rallied to a three-week high last Wednesday after domestic economic data showed a key measure of Australian consumer confidence fell in May, hurt by the previous week’s debt-fuelled government budget and by worries about job losses.
Consumer confidence fell this month, reversing some of April’s surge while consumers were also notably unhappy with the Central Bank’s decision to keep interest rates unchanged at 3.00% in May. The survey of 1,200 people by the Westpac-Melbourne Institute showed its index of consumer sentiment fell 4.3% to 88.8 between April and May, its second biggest fall following the release of a budget in the last ten years.
Prospects of a weakening jobs market led to a rather moderate rise in wage costs for the first quarter. Government data on Wednesday showed first-quarter wage costs rose 0.8% in the first quarter, in line with expectations but slowing from a revised 1.3% rise in Q4.
AUD Movement – High’s & Low’s of last week (18/05/09 –22/05/09)
High’s: 2.0451 (21/05/09)
Low's: 1.9934 (19/05/09)
Difference on £200,000
High: 409,020 AUD
Low: 398,680 AUD
Difference of: 10,340 AUD.
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 monthly update will be added next week.