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Update on the Australian dollar vs the Pound Sterling this week.

Written by Sam Coxhead on November 4th, 2011.      0 comments

3:20 PM (NZT) The Australian dollar has lost ground against the Pound Sterling this week as the fears that the European debt package would be put in jeopardy by Greece antics. The general market risk aversion saw the AUD under pressure from the outset as the AUD opened on its high on Monday and for two days saw a steady decline. A further nudge of weakness was seen following the RBA cut in the cash rate of 25pts. The AUD did see a bit of a bounce back as the threats of a Greek referendum were quelled when PM Papandreou cancelled it once gaining opposition support for the bailout package. The volatility will continue in the coming months no doubt, but with such negative sentiment in markets, spikes like that of last week remain a possibility. We are back towards more comfortable levels for this pair, with both economies facing their respective headwinds.
The current interbank midrate is: AUDGBP .6482                             GBPAUD 1.5427
The interbank range so far this week to date has been:                                                       AUDGBP .6420 - .6613                              GBPAUD 1.5122 – 1.5576