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Which way for the AUD USD pair?

Written by Sam Coxhead on December 22nd, 2011.      0 comments

1:15 PM (NZT) This pair has been reasonable volatile this week, whilst remaining within a contained range. The AUD has been under pressure on the balance, and this has been indicative of the overall risk aversion in the wider market. The GBP has seen its own periods of pressure, so AUD bounces have been more periods of GBP weakness, as opposed to any real outright AUD strength.  After this week’s AUD weakness, we are now back towards the years average levels, and very close to where the pair started 2011. Next week both respective banks come back into focus with the release of the meeting minutes from last week’s monetary policy announcements in both countries. Tuesday is the urn of the RBA and Wednesday of the BOE. Both will be closely watched for any clues as to the timing of further policy easing in early 2012. There is potential for further volatility as levels of liquidity further fall as the end of the year approaches.
The current interbank midrate is:                                                            AUDGBP .6400                               GBPAUD 1.5625
The interbank range so far this week to date has been:                 AUDGBP .6381 - .6523                GBPAUD 1.5330 – 1.5671