Back
11 Feb 2014
GBP/AUD losing the 1.83 handle
FXStreet (Guatemala) - The GBP/AUD cross is recovering on the back of Australia's business indexes and the House Price Index which are continuing to improve.
Australia's business confidence continued to improve in January, posting its first rise in four months from 3 to 4, while business conditions remained strong, reaching an almost 3 year high, from 6 the last month to a Jan reading of 8. House Prices Q/Q beat expectations of 3.% coming in at 3.4%. Moreover, as strategists at RBS explained, the RBA was somewhat less dovish as they had expected last week. “The RBA looks firmly on hold for the time being”. They continued and explained that the economic surprises have been in line with their historical average, so there is scope for further good news to be priced into the AUD, starting with this week's employment report later this week.
GBP/AUD defying bullish readings
GBP/AUD RSI (14) reads 49.34 while the cross is pressing on the support of 0.8280 defying the bullish readings else where with EM’s offering a neutral to bullish bias.
Australia's business confidence continued to improve in January, posting its first rise in four months from 3 to 4, while business conditions remained strong, reaching an almost 3 year high, from 6 the last month to a Jan reading of 8. House Prices Q/Q beat expectations of 3.% coming in at 3.4%. Moreover, as strategists at RBS explained, the RBA was somewhat less dovish as they had expected last week. “The RBA looks firmly on hold for the time being”. They continued and explained that the economic surprises have been in line with their historical average, so there is scope for further good news to be priced into the AUD, starting with this week's employment report later this week.
GBP/AUD defying bullish readings
GBP/AUD RSI (14) reads 49.34 while the cross is pressing on the support of 0.8280 defying the bullish readings else where with EM’s offering a neutral to bullish bias.