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Why is the AUD losing ground to the GBP?

Written by Sam Coxhead on September 30th, 2011.      0 comments

2:55 PM (NZT) This pair has seen relatively low levels of volatility in the absence of major economic data in either economy. The GBP has put pressure on the AUD as a function of the wider market risk aversion , or shunning of growth assets. This comes in the face of further rhetoric from the BOE with regards to QE. The pair is approaching some crucial levels at .6200(1.6130). Consolidation through these levels should mean another leg lower for the AUD. Next week see both central banks announce monetary policy, these will be closely watched and expect reaction should be a surprise move from either.
 
The current interbank price is:      .6267 (1.5956)
                                                             
The interbank range on the week to date has been:     .6219/.6367 (1.5706/1.6080)
 

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