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The AUD claws back ground against the GBP.

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

3:52 PM (NZT) This pair has seen further Australian dollar appreciation throughout the course of this week. The AUD strength has been driven by both domestic and external factors. Restrained RBA easing and the stronger than expected Q1 GDP and employment numbers show a more resilient than expected domestic economy. On the international front, the increased communication from an array of central banks towards maintaining, or increasing, easy monetary policy further adds to the energetic AUD demand. Tonight’s BOE monetary policy announcement will likely see an unchanged QE program. But the market is certainly pushing for further action on that front, and it will likely come if Europe continues to struggle with growth as well as financial pressures. Given the still uncertain back drop in international markets, it remains to be seen if this week’s improved sentiment can be carried on. Current levels offer reasonable buying of GBP with AUD with this in mind.
The current interbank midrate is:                                                            AUDGBP  .6425                  GBPAUD 1.5564                                                                                         
The interbank range so far this week to date has been:                 AUDGBP .6270 – .6431   GBPAUD 1.5550 – 1.5949
Topics: AUD GBP