Guest HIFX plc

GBP/AUD Weekly Update

    Recommended Posts

    Guest HIFX plc

    Hi All,

     

    As promised here’s a brief update on what’s been happening with the Aussie Dollar over the last week.

     

    The Aussie Dollar retreated from a seven-year high against Sterling last week as mixed Global economic data cast doubt on the strength of a recovery in the world economy, hurting demand for riskier currencies.

     

    The local Dollar remained under pressure after Australia’s government unveiled its largest deficit on record and forecast a decade of debt in its budget, designed to nurse the economy through recession and keep open the option of an early election. Treasurer Wayne Swan said the global downturn forced the government to write down revenues by AUD23 billion in the current year, its biggest hit to income since the Great Depression, and by AUD210 billion over four years.

     

    The budget forecast the economy to shrink 0.5% in 2009/10 before bouncing back to 2.25% growth in 2010/11, with unemployment to rise 8.25% by June 2010 from 5.4% now.

     

    AUD Movement – High’s & Low’s of last week (11/05/09 – 15/05/09)

    High’s: 2.0274 (14/05/09)

    Low's: 1.9742 (11/05/09)

     

    Difference on £200,000

    High: 405,480 AUD

    Low: 394,840 AUD

    Difference of: 10,640 AUD.

     

     

    Whilst FX isn't the most thrilling of subjects, the sooner you begin to think about your money transfers, the more likely you are to make your money go further.

     

    A further update will be added next week.

     

    Regards

     

    Jon Sermon

    HiFX

    Share this post


    Link to post
    Share on other sites

    Create an account or sign in to comment

    You need to be a member in order to leave a comment

    Create an account

    Sign up for a new account in our community. It's easy!

    Register a new account

    Sign in

    Already have an account? Sign in here.

    Sign In Now