British Pounds To Australian Dollars Update

01.07.2011

Want to know the latest data about Australian dollars at the end of June 2011?

Here is Peter Lavelle's wrap up for this week ending 01.07.2011.

Heard about that Chinese demand driving a commodities boom in Australia right now? It's still happening, and it's still helping the economy go gangbusters.

The latest data?

Lending in the private sector increased 0.3% last month according to the RBA, telling us the banks less resemble a bunch of Scrooges, hoarding cash. This is great for new businesses, since it makes finding investment that much easier.

In addition, the leading index from Westpac jumped 0.2% last month too. The index tells us upcoming economic conditions in Oz, based on indicators like Building Permissions and Exports. Increases here are Good Things, and the bigger the better.

Have there been reasons to frown this week? Indeed so, alas.

The Greek debt crisis is still prompting investors to stuff fistfuls of cash into havens such as the US, and that's bad for commodity currencies like the Australian dollar.

Furthermore, economists in Oz are getting antsy about the country's dependence on China. There's talk of increasing taxes on mining, just to keep Australia in the pink once the Chinese boom ends.

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