Welcome to British Expats Abroad
  • Moneycorp - Commercial foreign exchange since 1979
  • Results 1 to 3 of 3
    1. #1
      OzForex

      OzForex MArket Update (15/11/2010 - 19/11/2010)

      Good morning all,

      The Euro Zone’s precarious position and growing realization that a rescue of Ireland could cost UK taxpayers and additional 7 Billion pounds as well as expose UK banks to potential write-offs on Irish government debt boosted demand for the relative security of the US Dollar. The USD climbed to 0.6314 against the GBP this week, the highest level since 28 October. Earlier in the week the UK reported a drop in housing prices and an increase in inflation of 3.2% last month restricting the Bank of England’s ability to take action.

      Positive data from Australia and New Zealand snapped last week’s losing streak against the Sterling for the commodity currencies. Out of New Zealand, retail sales figures surprised the market growing 1.6%. The Aussie rallied to 0.6200 GBP whilst the Kiwi fellow to 0.4876 against the Pound. Commodity currencies also benefited this week over European uncertainty. Comments from Irish policy makers suggest the Green Isle may be drawing close to accepting aid from the EU and IMF. The development eased investor jitters, strengthening the Euro and commodity currencies.


      Have a great week,

      Regards

      Jon

      Jon Sermon
      Alliance Manager www.ozforex.com.au
      Last edited by purple; 22-11-2010 at 03:36 PM.

    2. Moneycorp - Commercial foreign exchange since 1979
    3. #2
      897nicole
      With the cost of wholesale funding / loans increasing and the extra burden on the Australian government to pay of it s debt due to the strong Aus Dollar. Is Australia at risk or starting a double bubble recession?



      ------
      Used a migration agent to get you visa, provide feedback to support others in choosing an agent at www.migrationagentreviews.com
      Last edited by 897nicole; 23-11-2010 at 01:42 AM.

    4. #3
      purple
      Good info Jon, thanks
      Good question too Nicole.