Australian Dollars Exchange rates Today

Today's Pounds Australian Dollars Currency News
 

Tuesday 19th August 2008 Interbank rate:
GB POUNDS TO AUSTRALIAN DOLLARS 2.1422

Traders dump the Aussie and Kiwi dollars to favour lower yielding currencies.

A tumble in high yielding currencies saw the Aussie and Kiwi dollars drop yesterday, with the Australian dollar hitting a five month low against the pound. The yen rose broadly, hitting a two year high against the Kiwi dollar, as the higher yielding currencies nose dived, forcing margin traders to limit losses by selling their holdings.

With the worlds central banks focussed on the threat of runaway inflation some analysts are suggesting that the Reserve Bank of Australia will not have completely ruled out a rate hike this year despite indications that the Aussie economy is slowly running out of steam.

Recent US Dollar strength has materialized as the Fed has begun to make noises about inflation and the market presumes a rate hike later this year. Similarly, strong warnings from the Bank of England about the need to combat inflation has given Sterling a bit of breathing room and has pushed up against the Aussie. Australian / US Dollars trades at 1.15 and GB Pounds /Australian Dollar at 2.18. We expect to see some Aussie dollar strength in the near term as traders disregard the Fed’s warnings about a rate hike.
 

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