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The AUD bounces against the GBP.

Written by Sam Coxhead on October 12th, 2012.      0 comments

3:52 PM (NZT) This week has send the Australian reverse some of its recent weakness against the Pound Sterling. After starting the week at the lows, the progress has been steady and was initially started by a report about increased container port activity in China. Once the momentum started, there was evidence of scrambling to cover “sold AUD” positions by investors. The AUD demand increased again following the better than expected Australian employment number. The rise has stalled at the .6420 (1.5575) level for the time being, and further appreciation should prove harder fought from the current levels. Next week will prove interesting to say the least with a raft of Australian, Chinese and UK news that will be of direct impact. Expect the RBA and BOE monetary policy meeting minutes to be very closely watched and the Chinese GDP number on Thursday to be of particular note. The pair does seem comfortable in the wider .6350 - .6550 band (1.5270 – 1.5750) and this should contain the price action in the near term.
The current interbank midrate is:                                                            AUDGBP  .6406                  GBPAUD 1.5610                                                                                         
The interbank range so far this week to date has been:                 AUDGBP .6289 - .6420    GBPAUD 1.5576 – 1.5900
Topics: AUD GBP