Weekly Currency Update - GBP/AUD
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 two-month high last week with the Australian Dollar falling broadly, hurt by declining commodity prices and as a dearth of good news about the global economy prompted some investors to take profits after recent hefty gains.
Further falls in metal prices also weighed down on the Aussie. Australia is the world’s leading exporter of commodities such as iron ore and copper, so lower metal prices are bad news for the local Dollar.
Australia’s Central Bank saw no “pressing need” to cut interest rates at its recent monthly policy meeting given signs of stabilisation at home and abroad, though it judged there was scope to ease further if necessary. Minutes of the 2nd June policy meeting reinforced expectations that the RBA was done cutting rates for some time now, helping the Aussie rebound against Sterling.
Also, data showed that New Vehicle sales came in at 5.4% in May, posting the biggest jump since early-1995.
AUD Movement – High’s & Low’s of last week (15/06/09 –19/06/09)
A movement of 2.91%
Difference on £200,000
High: 415,480 AUD
Low: 403,740 AUD
Difference of: 11,740 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.
thanks for posting that Jon, I sort of understand what is being said but wouldn't any commissions affect the movement please?
I've sent you a P.M.