Sterling has touched 1.48 against the Australian Dollar this morning following the news that the Greeks appear to have agreed, at least at the moment, a proposal concerning further austerity cuts.
Also, news from China that production is slowing has caused a little negative stir among the resources sector down under. Global investors will continue to remain nervy until the Greek bailout plan has been fully approved and implemented. The date of March 20th is the next time Greece will need to make a payment to pay off their next round of debts in the region of €15bn. BHP Billiton and Rio Tinto announced lower profits than expected which also caused Sterling to gain back some ground against the AUD. Many investors are hoping that GBPAUD may hit 1.50 sometime next week…watch this space!
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