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Will the GBP bounce back against the AUD?

Written by Sam Coxhead on February 10th, 2012.      0 comments

5:41 PM (NZT) The AUD remains close to record highs against the GBP, following the surprise decision from the RBA to leave the cash rate unchanged. However momentum does appear to be slowing for the AUD, so we may have seen the extremes on this move. The UK continues to see some better economic data which is encouraging, but it did not stop the BOE from adding 50billion of QE at the monetary policy meeting. This somewhat undermines the GBP in the near term. Limiting the impact of the QE increase was the fact that it was on the lower side of expectations. Any further appreciation from current levels for the AUD will prove to be much harder fought. Next week’s Australian employment number will be a focus. A weaker than expected number would see the GBP outperform, as expectations of a cut to the cash rate from the RBA would again build.
 
The current interbank midrate is:                                                            AUDGBP  .6795                    GBPAUD  1.4717                                                                      
 
The interbank range so far this week to date has been:                 AUDGBP .6766 - .6839     GBPAUD 1.4622 - 1.4778
 

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