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Hi All,

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

As expected the RBA (Reserve Bank of Australia) squeezed official rates higher by 25 basis points and gave the market a clear indication that further tightening would be gradual. Market expectations of another hike in December (25 basis points) were dramatically pared back from 90% to just 45% by the weekend.

The Australian Industry Group’s Services Index (54.8 from 49.3) joined the other sector indices by bursting through the 50 level in October and showed growth for the first time since June 2009 and recorded its highest reading in 19 months. Retail Sales (-0.2% m/m) data was the major disappointment in the week as the effects of fiscal stimulus and the onset of monetary tightening started to eat into disposable incomes.

The week ahead will be focused on the Employment numbers on Thursday.

GBP/AUD movement – High’s & Low’s of last week (02/11/09 – 06/11/09)

High’s: 1.8366
Low's: 1.8008

A movement of 1.99%

Difference on £200,000

High: 367,320 AUD
Low: 360,160 AUD

Difference of: 7,160 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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