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The GBP stumbles after making gains against the AUD.

Written by Sam Coxhead on March 23rd, 2012.      0 comments

4:52 PM (NZT) This pairing has seen grinding appreciation from the Pound Sterling for most of the week to date. The AUD underperformance has been driven by an increasingly gloomy outlook for global growth, and its direct impact on the Chinese economic activity. The AUD has bounced off its lows and this came off the back of weaker than expected UK retail sales numbers yesterday. As long as the pair remains below .6600 (above GBPAUD 1.5150), the trend towards a weaker AUD, and more historically average numbers, should continue. A move by Chinese authorities to stimulate their economy through looser monetary conditions, or similar means, would see increased AUD demand in the short term.
 
The current interbank midrate is:                                                            AUDGBP  .6573                    GBPAUD  1.5214                                                                                     
 
The interbank range so far this week to date has been:                 AUDGBP .6535 – .6698     GBPAUD 1.4930 – 1.5302
 

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