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The AUD rallies to good levels to buy GBPs.

Written by Sam Coxhead on November 9th, 2012.      0 comments

3:29 PM (NZT) The RBA decision not to ease their cash rate to 3.00% at this week’s meeting provided some solid demand at times against the GBP. However the resistance at .6550 (support 1.5270) has capped the appreciation from now. Next week sees little in the way of Australian economic data, so the focus comes from the UK inflation and retail sales data due next week. Also added flavour are the increasing concerns about the fiscal situation in the US may drag on global sentiment and this may drag on the AUD demand in coming weeks. Current levels look to offer good value buying of GBP will AUD.
 
The current interbank midrate is:                                                  AUDGBP .6504                             GBPAUD 1.5375 
                                                                                         
The interbank range so far this week to date has been:       AUDGBP .6462 - .6537              GBPAUD 1.5298 – 1.5475
 

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