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The GBP momentum wanes againsts the Australian dollar.

Written by Sam Coxhead on April 5th, 2012.      0 comments

4:00 PM (NZT) The AUD has seen further pressure from the GBP this week, but the momentum of the trend is declining. It has been a large corrective move over the last six weeks, so it has to slow at some point. The lowering of the cash rate in the coming months from the RBA is largely factored in now, and given it has been predominantly AUD weakness that has led the move, this eases the pressure.  The .6380 (1.5675) level should provide some kind of demand for AUD in the short term. In terms of lead from here, the Australian focus will be the employment numbers on Thursday next week. In the UK the economic data calendar is relatively light, with producer price numbers on Friday providing the focus.
 
The current interbank midrate is:                                                            AUDGBP  .6454                    GBPAUD  1.5494                                                                     
 
The interbank range so far this week to date has been:                 AUDGBP .6448 – .6523     GBPAUD 1.5330 – 1.5508

 
 

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