Weekly Currency Update - GBP/AUD Week ending 11th September
Here’s an update on what’s been happening with the Aussie Dollar over the last week.
The headline release of the NAB (National Australian Bank) Business Confidence (+18) survey jumped to its highest level since October 2003 and Business Conditions (+4) also gained on the back of hiring, sales and profits. However, the detail was not as encouraging with Forward Orders (-2), Employment (-11) and Capacity Utilisation (80.0%) all sliding backwards, indicating that prospects of a sustained recovery are not so assured.
Further evidence of fragile demand came through Retail Sales (-1.0% m/m) that fell back for the 2nd straight month and Home Loans (-2.0% m/m), both of which have benefitted heavily from government stimulus packages in the past 6 months. As fiscal support is reined back through Q4 2009, the RBA (Reserve Bank of Australia) will have to tread very carefully not to reverse improving business and consumer confidence by tightening monetary policy too sharply. RBA (Reserve Bank of Australia) releases will be watched closely this week for clues as to when the first rate hike will occur, with November holding market favouritism for now.
AUD Movement – High’s & Low’s of last week (7th – 11th September)
A movement of 1.90%
Difference on £200,000
High: 388,520 AUD
Low: 381,260 AUD
Difference of: 7,260 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.
Last edited by HIFX plc; 15-09-2009 at 10:15 AM.
I know its not to exciting but can you guarantee those figures for me?????
I may change a few quid at that rate. (200 K = $478K)
Last edited by kangomik; 15-09-2009 at 10:10 AM.
Reason: more maths required
Kangomik - apologies well spotted. Has been corrected!
Bloomin heck me mum is comming next week too !!!!! ahh well.
No worries mate