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FX UPDATE: Pound Holds at 5-Year High against Australian Dollar Today
Published: 11 Feb at 3 PM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Australian Dollar Exchange Rate, Forex, Euro Crisis, UK, Inflation,
Prior to the release of the Bank of England’s highly-anticipated quarterly inflation report, the Australian Dollar was trading in the region of a five-year low against the Pound. Sterling had previously been bolstered by positive UK Manufacturing Production and UK growth figures and retained the upper hand even as Australia released some better-than-projected reports. Westpac’s Australian Consumer Confidence Index, for example, rallied from 93.2 to 100.7.
Westpac economist Bill Evans dissected the surge in confidence in the following manner; ‘The 21% fall in average petrol prices over the last two months is the largest two month fall in prices since December 2008. Similarly, the 9.7% rise in the share price index since the January survey is the biggest one month rise in the share market since August 2009. The bounce, as good as it is in February, it takes us back to neutral. It doesn’t really get us back into that positive momentum territory. The RBA would be looking for sentiment sustained above these levels to tell them we’ve got some decent self-sustaining momentum.’
Australia’s Home Loans figure also surprised to the upside, surging from -0.7% in November to 2.7% in December month-on-month. A figure of 2.0% had been anticipated. Investment lending in the nation, meanwhile, rallied from -2.2% on the month to 6.0% on the month at the close of last year. However, with economists betting that tomorrow’s Australian employment report will show that the nation lost 5,000 positions in January, after adding 37,400 in December, the Australian Dollar remained under pressure.
The nation’s unemployment rate is believed to have advanced from 6.1% to 6.2%. However, the Pound could trim gains against the Australian Dollar tomorrow if the BoE’s inflation report indicates that the central bank is committed to leaving interest rates on hold until 2016. The UK’s RICS House Price Balance report could also have a modest impact on GBP/AUD trading. Before the close of Wednesday’s European session the Pound was trading in the region of 1.9791 against the Australian Dollar, up almost 1% on the day’s opening levels.
Westpac economist Bill Evans dissected the surge in confidence in the following manner; ‘The 21% fall in average petrol prices over the last two months is the largest two month fall in prices since December 2008. Similarly, the 9.7% rise in the share price index since the January survey is the biggest one month rise in the share market since August 2009. The bounce, as good as it is in February, it takes us back to neutral. It doesn’t really get us back into that positive momentum territory. The RBA would be looking for sentiment sustained above these levels to tell them we’ve got some decent self-sustaining momentum.’
Australia’s Home Loans figure also surprised to the upside, surging from -0.7% in November to 2.7% in December month-on-month. A figure of 2.0% had been anticipated. Investment lending in the nation, meanwhile, rallied from -2.2% on the month to 6.0% on the month at the close of last year. However, with economists betting that tomorrow’s Australian employment report will show that the nation lost 5,000 positions in January, after adding 37,400 in December, the Australian Dollar remained under pressure.
The nation’s unemployment rate is believed to have advanced from 6.1% to 6.2%. However, the Pound could trim gains against the Australian Dollar tomorrow if the BoE’s inflation report indicates that the central bank is committed to leaving interest rates on hold until 2016. The UK’s RICS House Price Balance report could also have a modest impact on GBP/AUD trading. Before the close of Wednesday’s European session the Pound was trading in the region of 1.9791 against the Australian Dollar, up almost 1% on the day’s opening levels.
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Source: moneytransfer.co.uk