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Australian dollar fails to advance against resurgent pound sterling despite 'excellent' jobs data
- Details
- Category: Australian Dollar
- Published on Thursday, 16 February 2012 10:43
- Written by Will Peters
The Australian dollar (Currency:AUD) has lost ground against the British pound in line with softer market conditions and a more positive outlook for the UK currency courtesy of the Bank of England. Latest spot rates:
The pound Australian dollar exchange rate (GBP/AUD) is 0.25% higher on the day at 1.4703. The pound New Zealand dollar exchange rate is 0.75% higher at 1.8978.
Some excellent Australian jobs data was insufficient to dampen sterling’s bounce.
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"Australia added an impressive 46.3K workers to the payrolls last month, which represents the best showing since the end of 2010. This also brought the Australian unemployment rate down to a welcome 5.1%. Nonetheless, Asian stocks declined overnight and market appetite for riskier currencies was at a lower ebb," says Richard Driver at Caxton Fx.
After hitting fresh multi-year lows of 1.46, this pair is back trading up at 1.47 and could continue to make gains.
With the market beginning to price out further UK quantitative easing, sterling is off its lows against the kiwi dollar.
Elsewhere, the New Zealand dollar (Currency:NZD) received some good news in the form of a confirmation from rating agency Standard & Poor’s that NZ’s AA credit rating was pretty safe.
However, weaker trade relations have caused the NZ Treasury to lower their domestic growth projections, which subsequently soured sentiment towards the kiwi dollar.
"GBP is trading up at 1.90 again this morning, having erased this week’s losses in the space of an evening. Further sterling gains look possible," says Driver.
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