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GBPAUD pair likely to hover around 2.17 levels - Westpac

FXStreet (Delhi) - Sean Callow, Research Analyst at Westpac, notes that the improved global risk mood in October has helped AUD claw back some lost ground after GBP/AUD rose 20% from Jan-Sep 2015 and expects GBP/AUD to hover around 2.17 multiweek.

Key Quotes

“There has also been a degree of sterling underperformance recently as the Bank of England has sounded a little less inclined to raise rates any time soon.”

“But GBP/AUD decline much beyond 2.08 is likely to be hard to sustain. Ongoing increases in supply of key commodities should keep a lid on Australia’s export prices, as should the absence of a sharp reversal in China’s growth momentum.”

“AUD shouldn’t suffer too much pressure from domestic data or the related pricing for the RBA cash rate. There is scope for more to be priced in terms of BoE tightening but probably not near term.”

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