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Whats been happening on the AUD GBP currency pair?

Written by Sam Coxhead on October 6th, 2011.      0 comments

4:50 PM (NZT) It has been a relatively interesting week for this pair as we have seen two way movement within the range for the week. The AUD initially continued its softer tone, especially as the RBA monetary policy announcement flagged that the RBA will likely look to eas4e the cash rate in the coming months. The AUD softness was then reversed as the EU announced that plans are being made to provide banks aid to help recapitalize should they require it. The European banks have been under increasing pressure as they hold the bulk of Greek debt. This is a problem as it looks increasingly likely that some kind of managed default will play out in the coming months. At any rate, the balance of which means that the markets have appreciated the tone from  the EU and reduced the levels of fear and uncertainty for the time being, and this has benefitted the AUD. Tonight’s BOE monetary policy announcement will be closely watched. There is a chance that the BOE increase the QE program at this meeting and this would see the GBP lower. At any rate, given the uncertain global outlook, there is a fair chance that the AUD will again come under pressure and the pair move back towards slightly more historically average levels.
The current interbank price is:  .6245 (1.6013)
The interbank range on the week to date has been:   .6110/.6247 (1.6008/1.6366)