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    Thread: The Pound vs Australian dollar


    1. #151

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      The Australian dollar has been stronger against the pound in recent days – this is following economic data released from China.

      A preliminary survey showedt hat China's manufacturing activity increased more than expected in July.

      China is a key trading nation for Australia so news like this can impact the dollar.
      Last edited by John from Moneycorp; 24-07-2014 at 03:34 PM.

    2. #152

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

      Two events helped theAustralian dollar to achieve the best weekly result among the major currencies.

      One was a speech by thegovernor of the Reserve Bank of Australia during which he did not once mentionhow overvalued his currency was. The other was a higher than expected readingfor inflation.

      The Aussie strengthened bytwo cents against sterling, a cent and a half against the euro and half a centagainst the US dollar.

    3. #153

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      The latest Australian dollar news is below, thanks.

      Although they were outclassed by the South African rand and the Swedish krona the Australian and US dollars shared third place in the weekly major currency league table.

      The Aussie strengthened by about a quarter of a cent against sterling and the euro. Its week began well when on Monday and Tuesday the assistant governor and governor of the Reserve Bank of Australia gave speeches.

      In recent months both gentlemen have been known to make tart remarks about the value of their currency which is sometimes "high by historical standards" and sometime just plain "overvalued".

      But last week no such comment was to be heard. The Aussie's real advantage, however, was Wednesday's Australian inflation figures. They were higher than expected, leading investors to doubt the credibility of the RBA's threat to cut interest rates in order to dampen the currency.

    4. #154

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      Monthly currency review is below, thanks.

      The Australian dollar had a good run. It strengthened by two and three quarter cents against sterling and by a cent and a quarter against the euro. It could not keep pace with the US dollar though, losing half a cent to the month's leading major currency.

      Early in July the Reserve Bank of Australia governor made a speech in which he said his currency was "overvalued, and not by just a few cents". It was by no means the first time that Glenn Stevens had offered that opinion but he had seldom made the point with quite so much force. It cost the Aussie an immediate cent and it soon fell to a four-month low against sterling.

      There was another setback for the Australian dollar when the Australian Bureau of Statistics published the employment data for June. The 16k rise in the number of people in work looked good enough but they were all part-time jobs; full-time employment was down by -4k. Worse, the rate of unemployment ticked up to a four-month high of 6.0%.

      After that, things looked up for the Aussie. In quick succession two assistant governors, the deputy governor and the governor of the RBA himself all gave speeches with no mention of their currency's overvaluation. Then the inflation figures appeared. They were higher than expected, leading investors to doubt the RBA's earlier threat to cut interest rates in order to dampen investors' appetite for the Australian dollar.

      And they still like it. Australia's triple-A credit rating and its 2.5% benchmark interest rate make the Aussie a safe currency which offers a relatively high return. The benchmark interest rates for the Japanese yen, the US dollar and the euro are as close to zero as makes no difference. Sterling's 0.5% benchmark Bank Rate looks better but only New Zealand's 3.25% can overshadow the Australian dollar's 2.5% offering, hence the Kiwi's recent run of strength against the Aussie.

      There can be no doubt that the RBA would like to see its currency lower across the board. However, the lure of a AAA credit rating and a high interest rate mean that investors will not easily be put off by the Australian dollar's alleged "overvaluation". For now, and in the absence of any remedial action by the RBA, look for the Aussie to stay within the $1.76-$1.84 range against sterling that it has occupied since March.

    5. #155

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      The Australian dollar is slightly stronger against the pound today – this is following the Reserve Bankof Australia’s (RBA) August meeting minutes.

      In their minutes, the RBA made no mention of plans to make the Aussie dollar weaker in their latest comments.

    6. #156

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      The Australian dollar remains strong against the pound – the graph below shows the change in the exchange rate over the past week.



    7. #157

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      Latest currency review is below, thanks.

      Not quite the leader of the pack, the Australian dollar was close behind the US dollar over the eight-day week. It had to concede a quarter of a cent to the Greenback but went up by three times that much against sterling and by a cent and a half against the euro.


      Apart from a continued decline in new vehicle sales the week was devoid of Australian economic statistics. The Aussie had to make what it could of the misfortunes of others. Sterling duly obliged with an unexpected slowdown in the rate of UK inflation from 1.9% to 1.6%, which brought out the sellers.

      Unusually, the Reserve Bank of Australia governor was helpful to his currency. He said in a speech that lower interest rates were not the solution to Australia's stumbling economy. Mr Stevens's words reassured investors that a rate cut was not imminent and they bought the Aussie.

    8. #158

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      The Australian dollar had a fairly successful week. It strengthened by three quarters of a cent against sterling and by a cent and three quarters against the euro as well as adding half a US cent. It did so despite a continued fall in the price of iron ore, one of Australia's main exports.

      The Aussie is still reaping the benefit of the earlier hint by the Reserve Bank of Australia that interest rates are not about to fall.

    9. #159

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      The pound is under pressure following a poll this week which showed an increase in support for Scottish independence.

      This poll has caused uncertainty over the future of the United Kingdom - this has led to the pound weakening against most currencies including the Australian dollar.

    10. #160

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      The pound is still under pressure as markets are nervous about the potential impact of a vote by Scotland to split from the rest of the UK.

      The Australian dollar has also been boosted by retail data released in Australia which was positive.

     

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