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    Thread: The Pound vs Australian dollar


    1. #141

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      Please see a weekly summary below, thanks.

      Once again it was the Reserve Bank of Australia that did for the Aussie. This time it was an assistant governor, who commented that an outflow of capital would be likely to weaken the currency.

      The Australian ecostats were of no help whatsoever, especially the one which showed a weakening of consumer confidence.

      It all cost the Aussie a cent against the euro and three cents against sterling.

    2. #142

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      Latest currency update below, thanks.

      The Aussie did not begin the week well, losing three cents to sterling in two days, but it staged a modest recovery after that, leaving it a cent lower against the US dollar and the euro and more than two cents weaker against sterling.

      As is often the case, the Australian dollar's biggest handicap was its central bank. In this instance the damage was done by Guy Debelle, an assistant governor of the Reserve Bank of Australia, and by the minutes of the recent RBA policy meeting.

      The minutes confirmed that Australian interest rates will remain at a record low "for some time yet" and Mr Debelle said in a speech that a decline in capital inflows would be likely to weaken the Australian dollar. It did not help that his comments came hard on the heels of a warning from Standard and Poor's that Australia could lose its AAA credit rating if government spending cuts are not put into effect.

    3. #143

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      Latest currency update is below, thanks.

      The Aussie did not begin the week well, losing three cents to sterling in two days, but it staged a modest recovery after that, leaving it a cent lower against the US dollar and the euro and more than two cents weaker against sterling.

      As is often the case, the Australian dollar's biggest handicap was its central bank. In this instance the damage was done by Guy Debelle, an assistant governor of the Reserve Bank of Australia, and by the minutes of the recent RBA policy meeting.

      The minutes confirmed that Australian interest rates will remain at a record low "for some time yet" and Mr Debelle said in a speech that a decline in capital inflows would be likely to weaken the Australian dollar. It did not help that his comments came hard on the heels of a warning from Standard and Poor's that Australia could lose its AAA credit rating if government spending cuts are not put into effect.

    4. #144

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      The Australian dollar has strengthened against the pound following positive news released from the manufacturing sector in Australia.

    5. #145

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      Hi all - please find a monthly review below, thanks.

      Back in April investors took fright when the Reserve Bank of Australia said the value of its currency was "high by historical standards". Their reaction at the time was to sell the Aussie, relegating it to a place among the also-rans. Since then they have clearly become more accustomed to the expression, not least because the RBA has been dropping it into its commentaries and speeches almost as a matter of course. The last time it trotted out the phrase, in the June monetary policy statement, the Australian dollar actually went up because investors had been expecting stronger language.

      That is not to say the RBA has given up its effort to depress the Aussie. Assistant Governor Guy Debelle met with some success in that direction when he said in a speech that falling capital inflows would be likely to weaken the currency. He was fortunate that his comment came hard on the heels of a warning by Standard & Poor's that Australia could lose its AAA credit rating if the government fails to reduce spending.

      Nevertheless the Australian dollar had a reasonably successful run in May. It was only a fifth of a cent behind the US dollar and strengthened by a cent against sterling and by two and a half cents against the euro.

      Some of its success came from the Chinese economic data, which led investors to believe that the slowdown there might be less serious than they previously thought. In general what's good for China is good for the Australian dollar, because of Australia's considerable exports of iron ore and coal to the country. Some of the Aussie's support was the result of stronger ecostats from Australia itself: More than 14k new jobs were added in April, house prices were up by an annual 10.9% and new home sales rose by 2.9% in April alone.

      Mostly though, the Aussie did well because volatility in financial markets was unusually low and investors were not scared to take advantage of Australia's relatively higher interest rates. The RBA's 2.5% benchmark compares favourably with the Bank of England's 0.5%, the European Central Bank's 0.25% and the near-zero rates set by the central banks in Japan, America and Switzerland.

      And the Aussie could look even more attractive if the European Central Bank delivers the rate cut that investors are expecting it to announce on 5 June. First, though, the Australian dollar will have to face the challenge of gross domestic product (GDP) data for the first quarter of the year. Analysts think the economy will have grown by 0.9% in Q1, a little more than in the last quarter of 2013. If it has, the Aussie will be able to relax a little but a lower number could take away some of its shine.

    6. #146

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      Hi all - the weekly Australian dollar review is below, thanks.

      The Australian dollar started the week badly but later recovered most of the lost ground. Disappointing data for building permits and retail sales were offset by an improvement in the health of manufacturing and services sector firms.

      The Aussie received particular help from news that Australia's economy expanded by 1.1% in the first quarter.

      But that was only enough to keep it steady on the week against the US dollar: against sterling it was down by two thirds of a cent.

    7. #147

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      Hi all, the latest Australian dollar news is below, thanks

      Australian ecostats were thin on the ground.

      New vehicle sales scored a ninth consecutive month of decline and leading indicators from two of the country's financial institutions averaged out at zero. Investors were more interested in the Reserve Bank of Australia's hint that if there were to be an early change to interest rates it would be more likely to be a cut than an increase.

      It cost the Aussie a cent against the US dollar and the pound.

    8. #148

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      The Australian dollar weakened against the pound following comments by Reserve Bank of Australia Governor Glenn Stevens on the Aussie dollar & house prices.

      The RBA governor said that house prices will always rise, and that the Australian dollar is currently far too strong.

      His comments had a negative impact on the dollar making it weaker.

    9. #149

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      Hi all - latest Australian dollar review is below, thanks.

      It was a fairly successful week for the Australian dollar.

      The Aussie was not in the same league as the class-leading Japanese yen or the second-placed NZ dollar but it gained quarter of a cent against the US dollar, half a cent against the euro and a cent against sterling.

      It would have done better if not for the Australian jobs data, which showed unemployment rising to 6.0% and a noticeable swing to part-time working.

    10. #150

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      The latest Australian dollar review is below, thanks.

      The Australian dollar did a good job of keeping its head below the parapet.

      There were no exciting Australian economic statistics; vehicle sales enjoyed amonthly increase and business confidence was almost unchanged. With no domesticecostats to affect it the Aussie was left to go with the flow. It was all butunchanged against sterling and the US dollar and it strengthened by two thirdsof a cent against the euro.

      The Australian dollar's relatively high 2.5% benchmark interest rateundoubtedly helped it to keep pace with the US dollar and the pound becausethose two received particular help last week. In Washington the Federal Reservechairperson said US interest rates would rise sooner and faster than currentlyenvisioned and the pound got a boost when inflation jumped to 1.9%, close toits 2% target. Investors saw the increase as removing one obstacle to higher UKinterest rates.

     

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