Australian Dollar | Latest Australian Dollar Exchange Rate News
British pound on the back foot once more against Australian dollar, New Zealand dollar as investors fear further BoE balance sheet expansion
- Details
- Category: Australian Dollar
- Published on Wednesday, 22 February 2012 10:55
- Written by Sam Coventry
The Australian dollar (Currency:AUD) and New Zealand dollar (Currency:NZD) have the upper hand against the British Pound once again.
The pound Australian dollar exchange rate is 0.21% lower on the day, GBP-AUD is at 1.4762, the pound New Zealand dollar exchange rate is 0.22% lower on the day, GBP-NZD is at 1.8871.
This morning markets have been scared off the pound in response to the release of the minutes of the February meeting of the MPC.
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The minutes essentially left investors feeling like there is yet more balance sheet expansion at the Bank of England to come in months ahead. Until this easing cycle ends, we are unlikely to see any concerted pushes higher in the value of the British pound.
Ahead of the minutes, poor Chinese manufacturing growth helped sterling remain on tentative uptrend against the Australian dollar.
Although Chinese manufacturing growth data improved somewhat, the sector remained in contraction in January. There have been some important developments within Australia as well, with FinMin Rudd resigning amid speculation that we could see a leadership to challenge to PM Gillard. Political instability is invariably a negative for a currency, so this pair may build on the gains it has seen in the past week or so.
The New Zealand dollar is avoiding losses, aided by supportive gains in Asian stocks.
Climbing Asian stocks gave the New Zealand dollar the strength to avoid losses against the pound, but last night’s Chinese data does add to a deteriorating outlook for NZ export demand.
The Chinese economy is quite clearly slowing down and this will necessarily impact the Antipodean economies.
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