John from Moneycorp

Australian dollar update - 24/07/2012

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    The Australian dollar had a good run, strengthening by more than a cent against the pound and by nearly than much against the US dollar. Sterling was steady on Monday and steady again on Friday. Its losses all came on the three days in between.

     

    Australian economic data were not particularly inspiring but were generally inoffensive. New vehicle sales in June were a -0.6% disappointment but were up by an impressive 18.4% compared with the same month last year. Westpac's leading index was positive, as it has been for most of the year, and at 0.8% registered an 18-month high. NAB's index of business confidence fell by a point to -2.

     

    The most important statistic for GBP/AUD this week is likely to be UK second quarter gross domestic product on Wednesday. The more negative the change, the harder it will make life for sterling.

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    The Australian dollar is strong following positive news from the eurozone.

     

    In a statement on Sunday, German Chancellor Angela Merkel and Italian Prime Minister Mario Monti pledged to do everything to protect the eurozone and said they would quickly implement measures agreed by European leaders in June.

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