Tuesday really was an up and down day for the Aussie Dollar. Everything was going well for the Australian Dollar until late in the London morning. It had risen to a best level of USD0.7680 and looked on track to test last Friday’s high of 0.7688 before quickly falling 30 pips to 0.7648. In the last 2 hours of New York trading, the AUD recovered to 0.7665; almost exactly where it had begun 24 hours earlier.
Overnight, there have been no ‘traditional’ economic data though the Australian Bureau of Statistics has had an outbreak of festive fun. In a Press Release entitled “Seasonally adjusted greetings from the ABS”, it looks at some of the numbers around Christmas. It noted “Many people are travelling at this time of year and in 2016, 47,800 Australians left for an overseas trip on Christmas Day itself”. ABS data shows the most popular overseas short-term travel destinations for Australians were New Zealand, the USA and Indonesia. In 2016-17, Australians spent on average $818 per domestic trip (with at least one overnight stay), and around $115 on a domestic day trip. International visitors, meanwhile, spent on average $4,347 per trip to Australia.
As for Christmas, the Household Expenditure Survey shows that on average Australians spent $202 a year on toys and $27 per year on Christmas decorations. The normally dry statisticians said, “Santa will be busy this Christmas visiting the 2 million Australian families with children under the age of 12. The 2016 Census shows that most children live in New South Wales (1.2 million), Victoria (947,408) and Queensland (795,908).”
We’ll leave the last word on population to the ABS without further comment: “if you are celebrating your birthday on Christmas Day you are in rare company as the last 10 years of data shows it is the second least common birthday, after February 29. However, the Christmas and New Year holidays are the most likely time for babies to be conceived.
The AUD opens in Europe this morning at USD0.7660 with AUD/NZD at 1.0990 and GBP/AUD1.7470.