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The AUD bounces back against the Pound Sterling.

Written by Sam Coxhead on September 7th, 2012.      0 comments

4:03 PM (NZT) The Australian dollar managed to arrest its downward momentum again the Pound Sterling this week. The recent underperformance has been relentless, so it was unsurprising to see some “sold AUD” position covering at some stage. It started following the unchanged RBA decision, and saw further demand following the close to expectation GDP and employment numbers. The demand for risk assets (which the AUD is part of) ahead of, and following the pivotal ECB decision  further eased the way up for the AUD.  So the .6400 (1.5625) level remains the target for any AUD weakness from current levels. The .6520 (1.5340) level is the target for any continued AUD resurgence. The US employment numbers later on today may be of material impact if they come in weaker than expected. This is because it may cause the FED to initiate further monetary easing, and this has driven material AUD demand over time from previous experience.
 
The current interbank midrate is:                                                            AUDGBP  .6468                   GBPAUD 1.5461                                                                                         
 
The interbank range so far this week to date has been:                 AUDGBP .6392 – .6486    GBPAUD 1.5418 – 1.5645
Topics: AUD GBP
 

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