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Whats happening on the AUD/GBP pair ?

Written by Sam Coxhead on September 8th, 2011.      0 comments

5:46PM (NZT) Interbank range so far this week : .6522 - .6664    Current interbank rate: .6630
The AUD/GBP was reasonably stable initially this week. The RBA statement accompanying their unchanged cash rate decision reiterated their wait and see approach. This and yesterdays stronger than expected Australian GDP number, coupled with the stock markets positive reaction to news from Germany with regards to bail out funds for Greece, saw the AUD appreciate over the GBP. Today’s worse than expected Australian employment report should slow the AUD appreciation, especially as we head into the Bank of England(BOE)monetary policy decision tonight, and the G7 meeting in the weekend. Expect short term resistance to remain in place up around .6670 and support on the downside at .6575 before more substantial support at .6520. There is a chance of an increase in the amount of quantitative easing from the BOE tonight, and will be interesting to see how it plays out.
 

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