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    Thread: The Pound vs Australian dollar


    1. #111

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      The Australian dollar continues to weaken against the pound.

      Why is the Australian dollar on a downward spiral at the moment?

      Comments from Reserve Bank Governor Glenn Stevens saying Australian dollar remains "uncomfortably high".

      News from the US - meeting minutes revealed US Federal Reserve policymakers expect to begin tapering economic stimulus ‘in coming months’.

      China - disappointing manufacturing data released. China is Australia’s largest trade partner so any news like this can impact the Aussie dollar.

    2. #112

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      Australia's cricket team had a far better week than its currency. The Aussie dollar was by far the worst performer, losing three cents to the euro, five cents to the US dollar and six to sterling.

      With no useful Australian economic data to guide them, investors had to rely on the central bankers to give them direction. They got plenty, from the minutes of policy meetings at the Reserve Bank of Australia and the US Federal Reserve and from the mouth of RBA Governor Glen Stevens. The Federal Reserve offered a reminder that its money-printing stimulus programme would begin to wind down "in coming months", thus turning off the money tap that has been so helpful to the Aussie. Governor Stevens said he had "an open mind" about using intervention to weaken his currency, suggesting that the RBA might actually go ahead with it.

    3. #113

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      The Australian dollar is still under pressure against the pound – this is good news for those transferring money from the UK to Australia.

      One of the main reasons for this is after the Reserve Bank of Australia (RBA) kept its Cash Rate benchmark unchanged at 2.5% - further to the announcement, the RBA said in their statement that "the Australian dollar... is still uncomfortably high".

    4. #114

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      Confidence in the UK’s economic recovery gathered momentum today as the Purchasing Managers Index (PMI) – focusing on activity levels within the construction sector in the UK – hit its fastest pace of growth since August 2007. Residential construction drove the surge with November’s survey result at 62.6, up from Octobers 59.4 (any figure above 50 indicates expansion).

      The previous day’s PMI release from UK manufacturers had already given sterling a boost, having seen its index climb to 58.4, representing the highest level since February 2011.

      Tomorrow sees the turn of the services sector, which will likely hold more sway of the pounds performance.

      Sterling’s continued recent strength has seen it pass through a number of significant levels and a 3 year high against the Australian dollar.

      It is certainly worth looking at any currency requirements you have on the back of these movements – if you are sending money to or from Australia, you can visit the Poms in Oz currency zone for more information - http://moneytransfer.pomsinoz.com/save-money-with-moneycorp.html

    5. #115

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      The latest Australian dollar review is below – thanks

      Life was not as difficult for the Australian dollar as it had been the previous week but it was no success story. The Aussie lost half a cent to sterling. Half a cent to the US dollar and two cents to the euro.

      Some of the Australian economic data were decent enough. Retail sales were up by a monthly 0.5% in November. Activity in the construction sector grew more quickly and in the services sector it shrank more slowly. Companies' pre-tax profits averaged 3.9% in the third quarter, up from 0.4% in the previous three months.

      But the figures for third quarter gross domestic product were disappointing. Quarterly growth slowed to 0.6% when it should have accelerated to 0.8%. As usual, the Reserve Bank of Australia was the Aussie's biggest handicap. The RBA said in its monthly statement that "the Australian dollar... is still uncomfortably high".
      Last edited by John from Moneycorp; 09-12-2013 at 02:07 PM.

    6. #116

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      Latest Aussie dollar update is below - thanks.

      A bad week for the Aussie saw it relegated to the bottom of the major currency league. It lost two cents to the pound, a cent and a quarter to the US dollar and a cent and three quarters to the euro.

      The Australian economic statistics were not as awful as the dollar's decline suggested but they were not great. Mortgage lending continued to rise. Business and consumer confidence faded slightly. A 21k increase in employment and a swing from part-time to full-time working was spoiled by a rise in the rate of unemployment to 5.8%.

      But the Reserve Bank of Australia was at it again. Governor Glenn Stevens continued his crusade to weaken the currency, this time telling the Australian Financial Review that he would like to see the Aussie closer to 85 US cents, 5% below its level at the time.

    7. #117

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      Latest Australian dollar review is below, thanks.

      It was not a particularly difficult week for the Aussie but it could do no better than heading up a bunch of middle-ranking currencies that also included the Canadian dollar and the euro.

      The Australian dollar was fractionally lower against the US dollar and fell by nearly a cent against the pound.
      Reserve Bank of Australia Governor Glenn Stevens was banging the drum of an overvalued currency as usual but in his testimony to parliament's Standing Committee on Economics he appeared to distance himself from the view, saying "The Bank [rather than he himself] has described the exchange rate as 'uncomfortably high'".

      But the main problems for the Aussie were strong employment data from Britain and the US Federal Reserve's surprise announcement that it would scale back its money-printing stimulus. The pound and the US dollar moved higher in response to the news and the Australian dollar was left behind with the other also-rans.

    8. #118

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      Thanks John
      ------------
      Regards
      Tony
      www.worldofglasscraft.com

    9. #119

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      Hi all, please find the latest Australian dollar update below – thanks.

      Together with the other "commodity" dollars - the Loonie and the Kiwi - the Aussie lost ground to all the major currencies. It fell by a cent against the US dollar and by three and a quarter cents against sterling.

      Inevitably the two-day holiday denied currencies much of the action they might otherwise have seen. A fractured three-day week, in which half the usual participants were off work and the other half wished they were, left scope for little more than random exchange rate movements.

      There were no Australian economic data to offer them any guidance. Things should start to get going again on Thursday, when the manufacturing sector purchasing managers' index reading reminds investors that, with 2013 done and dusted, they have to start all over again.

    10. #120

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      Happy New Year all - please find the monthly Australian dollar review below, thanks.

      Having begun 2013 in fine fettle the Australian dollar turned tail in late spring and spent the rest of the year on the retreat. The process continued in December with the Aussie falling a further -4%. In that month alone it lost seven cents to sterling, six cents to the euro and two to the US dollar.

      The Reserve Bank of Australia had a big hand in the process as Governor Glenn Stevens and his team continued their blitz of negativity about the "overvalued" currency. There was still no sign of any direct intervention by the RBA to sell the Aussie but investors could see no mileage in buying the currency in the face of such a PR onslaught.

      By and large the disappointing Australian economic data tended to help the RBA in its pursuit of a weaker dollar. A revision to the figure for economic growth in the third quarter put it at less than before. The balance of trade was in deficit for a fourth consecutive month with imports rising as exports stagnated. Consumer confidence deteriorated. Any possible benefit from a 21k increase in employment and a big swing from part- to full-time working was wiped out by a rise in unemployment from 5.7% to 5.8%.

      But to the surprise of many, the first two business days of the new year brought signs that investors may be reassessing their extreme bearishness about the Aussie. Together with the Japanese yen, which also had a rotten time in 2013, the Australian dollar rebounded sharply, picking up three cents in the space of just 24 hours. The significance of the swing remains uncertain: Does it represent a change of heart for the new year or was it simply bored traders returning from holiday and looking to spice up the FX market?

      The answer might become clearer in the first full week of January, when most participants will be back at their desks and the market will be functioning more normally. But either way, the new-year bounce was a shot across the bows of anyone who thinks the Aussie is a one-way bet.

     

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