GDP awaits for Australia (Ben Amrany)

AUDGBP Strengthens Against but AUD Lower Against USD and EUR

Yesterday the RBA confirmed that they would be leaving the base
rate of interest at 2.5% The announcement was expected and caused some AUD
strength after the release but today we have seen the currency slightly weaken
against some of the majors.

This evening the we will hear what the latest revision of the
growth figures (GDP) for Q4 of last year will be. We are expecting reasonably
strong growth which may cause some AUD strength overnight.

At the moment the rates seem to be fairly range bound between
1.85/1.8650  for GBP/AUD. Unless there is a big change in the GDP
figures tonight I would expect this trend to continue. However tomorrow
the UK will have their inflation report hearings and I feel this may cause
sterling to weaken slight at some point tomorrow and could give AUD sellers
some relief and achieve slightly better levels than what is currently
available.

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