Hi All,

As requested by a number of Brits in Brisbane regulars here's a brief update on what's happening in the currency markets.

Here in Windsor Spring has well and truly sprung and no doubt the recent bout of glorious weather here in the UK is reminding those who are on their way to sunnier climes why they are putting themselves through the lengthy and sometimes stressful emigration process! Good luck to everyone making the move this month!

High & Low of the month:
High:2.2558 (on the 02/03/09)
Low: 2.0525 (on the 27/03/09)

Difference on £200k:
A difference of 40,660 AUD

GBP/AUD dropped to a fresh two-month low with the Australian Dollar finding support from rising equities, tempting investors towards riskier assets.

Data showed Australia shed jobs at the fastest pace in six years in March while unemployment jumped by the most since the 1991 recession to 5.7%, piling on pressure for yet more policy stimulus. The data came after Australia’s Central Bank cut its key cash rate by 0.25% to a record low of 3.00%, marking the sixth easing in eight months in an effort to cushion households from a shrinking economy and rising unemployment.

The RBA also acknowledged the bleak outlook for global growth, but noted that previous steep cuts in borrowing costs, combined with substantial fiscal stimulus were working to support domestic demand.

GBP/AUD was also subject to further selling pressure, posting a fourth consecutive weekly loss and a fresh two-month low and as firmer stock markets supported investor appetite for riskier currencies. Nevertheless, Aussie gains were dented somewhat after Australia’s Central Bank Governor said that any further interest rate cuts could still be effective, even after an aggressive easing cycle since September which has taken them to record lows.

In Australia over the coming weeks, new home sales, building approvals and retail sales will be watched closely for signs of stabilisation in these important employment sectors.

Central bank rates:
OZ: 3.0% (Next meeting the 5th May)
US: 0.25% (Next meeting the 29th April)
ECB: 1.25% (Next meeting the 7th May)

Going forward most industry analysts expect continued volatility. No surprises there!

Whilst FX isn't the most thrilling of subjects, the sooner you begin to think about your money transfers, the more likely are to make your money go as far as you do.

Best Regards,



HiFX