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The AUD rides high against the Pound Sterling once again.

Written by Sam Coxhead on June 29th, 2012.      0 comments

5:31PM (NZT) This pair has traded a relatively tight range for the most part this week. After seeing some initial pressure the AUD recovered nicely as the downbeat BOE comments emerged and the likelihood of further monetary easing in the UK became more certain. In stock market weakness in yesterdays offshore session weighed back on the AUD, but demand has erupted for the AUD following the EU summit release of measures they have taken to support the banking sectors and struggling peripheral member states. Direction from here is less certain, it really depends on how the EU summit plays out in the coming sessions. Next week the respective central banks become the focus in what should prove to be a very interesting week. Current levels offer good value buying of GBP , again from a historical perspective.
 
The current interbank midrate is:                                                            AUDGBP .6497                 GBPAUD  1.5392                                                                                          
 
The interbank range so far this week to date has been:                AUDGBP .6415 – .6499   GBPAUD 1.5387 –
 

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