Australian dollar erases gains vs British Pound
- Details
- Category: Exchange Rates
- Published on Wednesday, 24 August 2011 09:19
- Written by Rob Samson
The British Pound has enjoyed a comeback against the Australian dollar and New Zealand dollar as risk sentiment declines in the European session.
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The Australian dollar outperformed in the European session, but erased gains overnight as Australian data disappointed.
"Risk appetite improved yesterday but was scaled back overnight. The Australian leading index, made up of several economic indicators, showed its worst figure since February 2009. Quarterly construction data was also very poor, emphasising the worsening domestic economic picture we are seeing in Australia," says a note from Richard Driver, an exchange rate analyst at UK money transfer company Caxton Fx.
Weaker Asian stocks also weighed on the aussie overnight and this pair is back trading up at 1.5750. We really need to see a sustained rally in regional stocks for the aussie to bounce back in a sustained way.
New Zealand dollar
The Pound to New Zealand dollar exchange rate is 0.567% higher on the day with 1 GBP = 1.9912 NZD.
The New Zealand dollar erased gains overnight, despite some far better than expected trade balance data.
New Zealand trade balance data was much better than expected, defying expectations of a deficit. Losses in Asian stocks proved more telling however, as is invariably the case; the Nikkei ended up 1.0% down after a strong start.
The British Pound is back trading up at 1.99 today, we may well see more risk appetite in today’s European and US sessions, so a dip lower seems likely. This evening’s session brings some quarterly retail sales figures from New Zealand.
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