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AUD unsure trend will continue
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Tuesday, 24 February 2009 |
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Last week saw the pound regain some strength against the Australian Dollar, moving back above the 2.20 mark at mid-market level. This was primarily due to UK data releases turning out to be much better than expected. CPI data showed just a small drop in the core rate of inflation to 3.0%. Minutes from the Bank of England suggested that MPC support the implementation of quantitive easing measures to restabilise the British Economy, and in a surprise on Friday, retail sales figures showed a 0.7% increase, much greater than the 0.1% decrease expected. On the opposite side of the globe, minutes from the RBA showed that further rate cuts were likely as the Australian Economy continues to struggle.
Looking to the week ahead, we have a wide array of data released from Australia, the most significant of which will be the Leading Index from the Conference Board of Australia which will show medium term growth forecasts for the economy. We also have the monthly imports balance and data from the construction industry on Tuesday, followed later in the week by private credit figures and a carry-trade report from the RBA. In the run-up to the next RBA interest meeting, we may also see a dovish statement released by Governor Glenn Stevens.
Early trading on Monday morning saw Sterling continue to strengthen against the majors, including the Aussie Dollar, however with UK GDP figures released on Wednesday, analysts are unsure as to whether this trend will continue. Speak to your account manager to keep up to date with the fast moving GBP/AUD cross.
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