Here’s an update on what’s been happening in the Currency Markets over the last week.
GBP/AUD inched marginally higher last week as a growing belief that the British economy is poised for recovery helped Sterling gain against the Australian Dollar. Nevertheless, the Aussie itself remained relatively buoyant after Australian employment fell by far less than expected in May, showing surprising resilience for a second straight month and leading investors to further pare back the chances of further monetary easing.
Data on Thursday showed only a net 1,700 jobs were lost last month, compared to an expected drop of 30,000. The release followed a rise of 25,400 in April and left employment down just 9,400 so far this year. However, not all of the report was so promising. Full-time employment fell by a larger 26,200 and these jobs tend to pay more and offer greater security. The unemployment rate also rose back to 5.7%, reversing a dip in April and equalling a five-year high.
GBP/AUD - High’s & Low’s of last week (08/06/09 – 12/06/09)
High: 2.0422 AUD
Low: 1.9952 AUD
A movement of 2.36%
Difference on £200k
High: 408,440 AUD
Low: 399,040 AUD
A difference of 9,400 AUD
Whilst FX certainly 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.
Another update will be posted next week.