Thread: OzForex Market Update (30/08/10 - 03/09/10)

Good morning all,

The Aussie Dollar surged to0 0.5925 against the Pound, its highest level since June 22, following exceptional economic results. Building approvals rocketed 2.3% defying expectations of a -0.6% decline. Retail sales figures almost doubled expectations and the Current Account deficit improved beyond market consensus. Meanwhile Australian GDP for the previous quarter grew 1.2%. Unexpectedly weak trade balance data from the Land Down Under tipped the Aussie which gave up some of gains on the Pound. Across the ditch the Kiwi slid from 0.4660 Pounds, its highest level since July 28, as investors opted for its more attractive cousin.

Monday’s enthusiasm for the Euro waned as German unemployment fell short of expectations, declining -17K as opposed to estimates of-19K. Bad news continued to flow with a unexpected drop in retail sales figures. The disheartening news saw the Euro fall from 0.8346 to 0.8312 versus the GBP. The US peaked this week crossing 0.6500 Pounds briefly before resting at 0.6482 GBP where it opened the week.

Have a great week.

Regards

Jon Sermon
Alliance Manager

Nice info Jon,
There are people with mortgages that were loaned in Euro's who earn their wages in GBP's that won't mind the drop in strength. Similarly the USD vs GBP has the same deal for some people. ;)
Have a good week, and thanks for posting.

Anyone wishing to contact you or get further information can do it via www.ozforex.com.au is that correct?

Thanks Purple,

Many of our existing clients have overseas mortgages in the EUR and USD and are very happy at the moment.

The website is correct yes.

I look forward to speaking with more members soon.

Have a great day.

Regards

Jon