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Can the AUD hold ground against the GBP?

Written by Sam Coxhead on November 23rd, 2012.      0 comments

4:02PM (NZT) This pair looks like finishing this week at very similar levels to last week. The AUD did see increased demand to start this week, but as the wider market risk aversion increased, it was not able to hold onto its gains.  Next week should see the lead for this pair come from external influences. The domestic economic data for this pair comes in the form of the final GDP release for the 3rd quarter in the UK, and the private capital expenditure numbers in Australia.  These should be of limited influence and more likely the lead will again come from Europe’s progress on Greek funding aid, and sentiment driven from Obama’s fiscal negotiations with the Republican lead congress. Positive results would likely see the AUD outperform in the short term, but outcomes remain uncertain. Any AUD appreciation is likely to see resistance come in around the .6600 (1.5150) and it would provide a stern test. If unfortunate events unfold and sentiment pushes lower the support really comes in around the .6400 (1.5625) level. Current levels could well prove to have offered good value buying of GBP with AUD over time.
The current interbank midrate is:                                                  AUDGBP .6507                           GBPAUD 1.5368
The interbank range so far this week to date has been:       AUDGBP .6482 - .6555             GBPAUD 1.5255 – 1.5427
Topics: GBP AUD