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Time again to transfer AUD to GBP?

Written by Sam Coxhead on December 1st, 2011.      0 comments

5:22 PM (NZT) The AUD has outperformed the GBP this week from the outset. On the back of risk positive rumours that the IMF would provide funding to Italy, the AUD started the week over 50pts higher than where it closed on Friday against the GBP. The subsequent IMF denials did little to dampen enthusiasm for the AUD, and adding fuel to the demand was the very strong private capital expenditure numbers in Australia yesterday. There has been evidence of “stop loss” buying of AUD against various currencies, and this has helped the performance against the GBP. The central bank coordinated action in the Wednesday offshore session pushed the AUD again higher to its peaks , before it has softened in today’s Asian session. Manufacturing data from China showing a contraction in the sector last month will not help demand in the coming days. Again the current levels represent  fairly good value selling of AUD and buying of GBP.
 
The current interbank midrate is:                                                            AUDGBP .6510                              GBPAUD 1.5361
                                                               
The interbank range so far this week to date has been:                 AUDGBP .6299 - .6569               GBPAUD 1.5876 – 1.5223
 

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