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Hi All,

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

For the second month running the employment data stunned the market with strong numbers. The Employment Change (+24,500) showed the economy created jobs at a very healthy rate in October, with the only proviso being that most of the increase was in part-time work. The Unemployment Rate rose slightly from 5.7% to 5.8% but a long way from the very gloomy predictions of 8.75% at the height of the global financial crisis, and prompted discussion that the rate may have already topped.

Other data was also generally supportive of an economy that is building momentum, with NAB Business Confidence (+16) and Home Loans (+5.1% m/m) consolidating gains over the last 6 months. The Westpac survey of Consumer Sentiment (-2.5% m/m) did take a step backwards but is still holding above levels last seen in October 2007.

The RBA monthly bulletin and monetary policy meeting minutes will be closely scrutinised for indications as to how far and fast official interest rates will be increased over the coming months.

GBP/AUD movement – High’s & Low’s of last week (09/11/09 – 13/11/09)

High’s: 1.8150
Low's: 1.7697

A movement of 2.56%

Difference on £200,000

High: 363,000 AUD
Low: 353,940 AUD

Difference of: 9,060 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.

Regards




Jon Sermon
HiFX
 
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