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Will the AUD see further downside against the GBP?

Written by Sam Coxhead on August 31st, 2012.      0 comments

2:20 PM (NZT) The AUD saw further pressure from a very stable Pound Sterling this week. The prospect of slowing Asian growth has really undermined commodity demand and this has seen the Australian take on an air of vulnerability.  With the interest rate market pushing for a lower cash rate from the RBA, further downside pressure should be forthcoming. In the near term the focus comes from the Bernanke speech at the symposium in Jackson Hole, and the weekends release of the Chinese manufacturing numbers. Next week will prove an interesting week. Both central banks will release monetary policy decisions and there is a busy economic calendar in both economies. A break down through the support at .6500 (1.5385 resistance) would open up the way for further AUD weakness.
 
The current interbank midrate is:                                                            AUDGBP  .6519                     GBPAUD 1.5340                                                                                         
 
The interbank range so far this week to date has been:                 AUDGBP .6506 – .6590      GBPAUD 1.5175 – 1.5370
Topics: GBP AUD
 

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