The sterling/emu exchange rate has not moved of late - in spite of positive growth figures from Australia plus disappointing British data.
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In Australia second quarter growth figures revealed an impressive 1.2% growth - indicating that Australia continues to outpace rivals in Europe and the US. In large part this growth can be attributed to continuing Chinese demand for Australia commodities - fuelling growth in the mining sector. It comes following a 0.9% contraction in q1 owing to flooding in Queensland.
However the GDP report did reveal some black spots. In particular the mining boom continues to strengthen the emu - driving the cost of exports and putting pressure on the manufacturing sector. This has led to calls among some groups - including the left-oriented Australia Institute - to increase taxes on mining to rebalance growth.
Turning to Britain meanwhile economic data continues to be stable though unspectacular.
The latest GDP estimates from NIESR report that Britain expanded just 0.2 in the three months up to August - indicating that though growth continues momentum remains poor. In addition both industrial and manufacturing production remained mooted last month - expanding -0.2 and +0.1 each.
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