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    Thread: The Pound vs Australian dollar


    1. #231

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      Weekly review below, have a good weekend all.

      Overall, it was a fairly light week for Australian economic statistics.

      The Aussie was untroubled by a -1.3% monthly fall in motor vehicle sales or by the Melbourne Institute's leading index, which at 0% pointed to flat growth. It actually received some help from the Reserve Bank of Australia when the RBA published the minutes of its policy meeting. For a second week the bank held back from its traditional tirade about the Aussie's overvaluation.

      However, the Australian dollar's performance was driven mainly by the hopes and fears of investors about slowing growth in China, an exodus from emerging market currencies and continued downward pressure on commodity, energy and equity prices. And there were more fears than hopes. The Aussie lost two thirds of a US cent and fell by two and three quarter cents against sterling.

    2. #232

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      Australian dollar is much weaker today due to worries over global markets and China's economic growth prospects. Good for those sending money to Oz!

    3. #233

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      Less panic in the market has led to a stronger Australian dollar over the past few hours.

    4. #234

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      The weekly currency review is below, have a good weekend all - thanks.

      The commodity currencies are ending the week in recovery mode having been driven lower in the immediate aftermath of the Chinese equity collapse on Monday.

      The Australian dollar will continue to trade with great emphasis on how China’s economic outlook projects. The fall was halted just shy of the psychological level of A$0.7000 represnting yet another new 6 year low.

      In light of the weakening trade prospects between Australian and China, the pressure for the Reserve Bank of Australia to deliver further interest rate cuts form the current 2.0% rate will mount.

    5. #235

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      Poor data out of Australia has weakened the Aussie dollar. The release of Gross Domestic Product (GDP) numbers were not great for the Aussie.

      Concerns over the economy in China also continue to weigh heavily on the dollar.

    6. #236

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      The monthly Australia dollar review is below - thanks

      The first few days of August saw the Aussie dollar dip in anticipation of the outcome of the Reserve Bank of Australia’s monetary policy announcement, with investor focusing on their interest rate decision. But as news filtered through that – as expected – the base level interest rate would remain at 2% the Australian dollar rallied, becoming the top performer amongst the major currencies. This upturn in fortunes received further support when positive economic data revealed a strong increase in employment and unseasonably high retail sales.

      Next it was the Bank of England’s turn to reveal its hand, but unlike their antipodean counterparts who were true to form, their decision to postpone an interest rate rise in the UK until sometime at the back end of 2016 was somewhat more unexpected – causing the pound to fall in value against the Aussie.

      With surprise decisions from central banks fast becoming flavour of the month, China – Australia’s largest trading partner – announced plans to devalue its currency by almost 2%, in an attempt to make the country's exports more competitive and prop up the economy after recent poor data indicated slowing economic growth. The Australian dollar tumbled to its lowest level since 2009 in the immediate aftermath of the Peoples Bank of Chinas announcement, before making a strong recovery after the yuan’s value was moved down for a third day in a row. It suffered one US cent falls on both of the previous days China devalued its currency, but shook off the latest action.

      Although initially this move weakened the Aussie, overtime it could prosper from it, as a weaker yuan has the potential to boost Australia’s exports – nearly all Australian iron ore heads towards China – which as a commodity-based economy make up a large proportion of Australian GDP.
      Having been weighed down by falls in Asian and European stocks and base metals prices, further interest rate speculation – this time from the US – saw the Aussie bounce back. Not for the first time in August it appeared the anticipated course of action from a central bank would not materialise, after the minutes from the US Federal Reserve July policy meeting showed there were doubts about a September rate hike. Doubts that were further strengthened by the economic havoc emanating from China.

      The 24th of August was dubbed ‘Black Monday’ after more negative data emerged from China, resulting in a rout in world markets. With Australia so heavily reliant on what happens in China, the news from Beijing that manufacturing activity had contracted at the fastest rate in six-and-a-half years in August triggered a second six-year low for the Aussie in less than two weeks – largely fuelled by global commodity prices falling to their lowest level in 16 years.

      A turbulent month for the Aussie saw it down 1.6% against sterling, 4% against the US dollar and 5% against the euro, having lost 12% against the single currency at one point as measures in China took hold. The weakening of the Aussie may have been short-lived in the wake of far-east devaluation measures, but the Australian economy is still not at full-strength and extremely dependent on China, which may result in a longer term rate cut down under as we move into the end of Q3.

    7. #237

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      The Australian dollar is slightly stronger today – this is down to optimism over China and measures which could take place to help their economy.

    8. #238

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      Good week so far for the Australian dollar – big shift in the rate over the past few days making the dollar much stronger against the pound.

    9. #239

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      The Australian dollar is weaker today against the pound.

      Poor economic data from China was a factor behind the Aussie being weaker.

    10. #240

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      The Australian dollar is stronger against the pound today. This was due to positive economic data coming out of China.

      China's official purchasing managers index was released – the figure was an improvement on the previous month which helped the boost the Aussie dollar.

     

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