Australian Dollar | Latest Australian Dollar Exchange Rate News
Australian dollar vs British pound exchange rate surges yet further, GBP/NZD also drops in sympathy
- Details
- Category: Australian Dollar
- Published on Tuesday, 07 February 2012 10:23
- Written by Will Peters
The pound Australian dollar exchange rate is 0.64% lower at 1.4653 while the pound New Zealand dollar exchange rate is 0.28% lower at 1.8297.
The Reserve Bank of Australia surprises the market by deciding not to cut its 4.25% interest rate; this has provided yet more impetus to the Australian dollar which continues to look increasingly overvalued.
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"The Australian central bank caught the market a little off guard by leaving its base rate on hold last night. The patchy domestic growth figures and ongoing threat posed by the eurozone debt crisis seemed to make another 0.25% cut a fairly safe bet. With its interest differential highlighted, the aussie dollar strengthened accordingly," says Richard Driver at Caxton Fx.
The RBA did note that thanks to easing inflation there is scope for a cut if demand fades. For now though, the aussie is likely to continue to trade positively on the back of last night news. This pair trades down close to 1.4650.
Sterling is once again at multi-month lows against the New Zealand dollar and is likely to remain under pressure for now.
Risk appetite is still out there, despite the threat of Greek default.
The New Zealand dollar edged lower against the pound and if a Greek deal emerges this week, this is likely to be built upon.
"However, the New Zealand dollar is in overbought territory and we shouldn’t have to wait too long before we see a reversal," warns Driver.
Sterling currently trades down at 1.89 this morning and further losses seem likely today.
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