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The GBP remains under pressure against the Australian dollar

Written by Sam Coxhead on February 24th, 2012.      0 comments

4:32 PM (NZT) This week saw initial weakness from the AUD before the pairing turned around and reversed the move, to be currently close to where it started. AUD weakness came with a weaker EURO, as the agreement on extended bailout funds took time to come. The turning point for the pair came after the BOE monetary policy meeting minutes were released. The bias towards further QE, has seen the GBP under renewed pressure across the board, which will please exporters and policy makers in the UK. The pairing remains close to extreme levels, which obviously represent good value buying of GBP, from an historical perspective. In the short term expect further range trading from this pair in the broader AUDGBP .6650 - .6850 (GBPAUD 1.4600/1.5040) range.  
 
The current interbank midrate is:                                                            AUDGBP  .6818                     GBPAUD 1.4667                                                                                       
 
The interbank range so far this week to date has been:                 AUDGBP .6728 - .6825      GBPAUD 1.4652 - 1.4863
 

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