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Pound / Australian Dollar exchange rate fails to rebound despite high Chinese inflation data, NZD at good selling levels
- Details
- Category: Australian Dollar
- Published on Thursday, 09 February 2012 10:32
- Written by Will Peters
The pound Australian dollar exchange rate is 0.07% higher with GBP/AUD at 1.4664, the pound New Zealand dollar exchange rate is 0.03% lower with GBP/NZD at 1.8936.
A surprisingly high Chinese inflation figure failed to weigh on the Australian dollar, which remains firm.
"High Chinese inflation (back up at 4.5%) reduces the scope for monetary easing and therefore weighs on the country’s growth outlook and demand for Australian commodities. Still, the aussie dollar marched on, with the market convinced that the spike in inflation will prove temporary, says a morning exchange rate note from the team at Caxton Fx.
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Also positive for the Australian dollar was an upturn in an Australian business confidence survey, thanks at least in part due to the Reserve Bank of Australia’s recent interest rate cuts.
Caxton believe the Australian dollar is set for further gains but for now this pair trades at 1.4650.
Looking at the British Pound's performance against the New Zealand dollar, it was a case of more range-bound trading for this pair, which is definitely finding some support just below the 1.90 level.
New Zealand unemployment rate dipped to a 21-month low of 6.3%, well below expectations.
"However, a closer look at the figures revealed that the number of people in full-time employment is in decline," say Caxton.
The imminence of a Greek deal should keep the New Zealand dollar well supported today. GBP/NZD trades at 1.8950, which remains an excellent level at which to sell kiwi dollars suggest Caxton.
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