GBP VS AUD
THE Australian Dollar traded between 1.029 and 1.040 US Dollars and between 0.650 and 0.658 British Pounds over the period of 27 August and the 3 September 2012.
The Aussie Dollar dropped to its poorest level in over a month against the USD and a two month low against its Euro counterpart as Australia’s biggest trading partner, China, released three year low economic indicators.
“We continue to hold some Australian dollars, but it’s certainly not as attractively priced since there are more headwinds now,” Axel Merk, founder and president of Merk Investments LLC told Bloomberg.
By close of business on Monday, the Australian Dollar was down by half a cent against the USD from close of business on Friday. This came on the release of falling retail sales figures (negative 0.8 % as opposed to positive 1% for the previous month).
“Today’s data provides a worrying sign that retail spending growth has taken a backward step,” wrote economists at St George Bank.
Compounding the weakening of the AUD was the fact that Chinese manufacturing data released on Saturday showed subsequent contractions, weakening the currency further.
Another factor that investors will be keeping a close eye on is the RBA’s (Reserve Bank of Australia) policy meeting on Tuesday the 4 September, with many economists predicting the RBA to hold the rate at the 3.5%.
Exchange rates as of 09:00 GMT+1, 3 September 2012
By Matthew Cridge of 1st Contact Forex
Note: The above exchange rates are based on “interbank” rates. If you want to transfer money to or from Australia then please register/login on our website, www.1stcontactforex.com, or call us on 0808 141 2335 for a live dealing rate. Make use of our Rate Notifier to send you alert when the Australian Dollar exchange rate reaches levels you are looking for.