Guest JonSpeedy Posted October 12, 2009 Share Posted October 12, 2009 Currency Online – Moving Money Made Easy Hi there, The respite for the GBP didn’t last long. After having a go at regaining some respectability against the USD, some fairly average industrial production numbers out early last week put paid to that, and the tone was set for the rest of the week. Another blow for the pound was the Reserve Bank of Australia’s decision to increase their official lending rate to 3.25%. This had investors clambering to buy Aussie dollars at the expense of all the major currencies including the UK pound. As you can see below, the GBP/AUD cross got hammered. The unfortunate thing for those looking to repatriate pounds back into Aussie, is the trend looks like continuing. Compared to the same time last year, the UK pound has slipped 30% against the AUD. Anyway, enough of that. As for the week ahead, a heap of data due out for the markets to get their teeth into. Most of the ‘meaty’ data is due out from the northern hemisphere. If the data comes out on the positive side, expect the Australian dollar to continue its trek north. The UK pound is in desperate news of some positive economic data otherwise its slippery slide will continue. A combination of positive global data and less than impressive UK economic date will see the pound slip further against the Aussie dollar. GBP/AUD High’s & Low’s (Bid) of last week; High: 1.7600 Low: 1.7250 GBP/AUD Expected Range for the Week; High: 1.7500 Low: 1.7050 Click here to view GBP/AUD charts Talk to your currency provider today about forward contracts to protect your currency risk. Kind regards, Jon Speedy Currency Online – Moving Money Made Easy Link to comment Share on other sites More sharing options...
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