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Is the AUD going to fall against the GBP?

Written by Sam Coxhead on September 22nd, 2011.      0 comments

5:00 PM (NZT) AUD GBP Update : The AUD has given up ground against the Pound Sterling this week as the greater market risk aversion a picked up again. The AUD did find some demand in the wake of the RBA monetary policy meeting minutes, but this was short lived. Not even the “dovish” Bank of England monetary policy meeting minutes could give some support to the AUD. We are fast approaching fairly significant support at .6450 (1.5500 resistance), and should this break then it opens up the way for another lunge lower by the AUD. This would be ironic given the different stances from the RBA and BOE. The GBP should see pressure as the argument for further QE in the UK gains traction. But this latest swing away from growth assets such as the AUD, has been fast and brutal, and it does feel like there maybe some further room for moves to the downside from the AUD.
 
The current Interbank price AUD/GBP (GBP/AUD) : .6465 (1.5470)
 
The Interbank range so far this week AUD/GBP (GBP/AUD) : .6460/.6573 (1.5210/1.5480)
 

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