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Australian dollars to pounds: AUD in the ascendency once more as Chinese drop some good news, another strong week forecasted
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- Category: Australian Dollar
- Published on Monday, 20 February 2012 10:41
- Written by Sam Coventry
The Australian dollar (Currency:AUD) is, predictably, in the ascendency against the pound this morning in line with strong equity markets and good news out of China.
The pound Australian dollar exchange rate (GBP/AUD) is 0.48% lower at 1.4715. The pound to New Zealand dollar exchange rate is 0.85% lower at 1.8859.
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A cut in the reserve ratio in China helped the Australian dollar recoup some of Friday’s lost ground.
"Any news that the People’s Bank of China is taking action to safeguard and stimulate economic growth in the world’s second largest economy should be taken as a positive for aussie exports and the Australian dollar," says a morning exchange rate note from Caxton Fx.
If Greece gets its deal through, the Australian dollar could well have another strong week, tracking gains in Asian stocks suggest Caxton.
Meanwhile, sterling remains on a downtrend against the New Zealand dollar (Currency:NZD) and amid positive Chinese news, Greek deal expectations and hopes for a RBNZ rate hike, this could well continue.
New Zealand producer prices data was marginally higher than expected last night, which when taken with last week’s excellent NZ retail sales figure, adds to the case that the Reserve Bank of New Zealand could introduce an interest rate hike late this year.
The New Zealand dollar should outperform assuming Greece finally delivers, taking this pair even lower than its current 1.89 level.
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