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Pound Sterling to Australian Dollar (GBP/AUD) Exchange Rate softens from four-year high on Christmas profit taking

Pound to Australian Dollar exchange rate chart

The Australian Dollar managed to recover some ground on Monday as investors embarked on a bout of profit taking ahead of the Christmas holiday season.

The ‘Aussie’ managed to strengthen against the US Dollar and ticked higher from a four year low against the Pound. The currency had continued to tumble last week following the US Federal Reserves decision to begin tapering its huge quantitative easing programme in January. The decision saw commodity and emerging market currencies fall and sent the US Dollar higher.

This week however the ‘Greenback’ lost some ground as investors take their profits in the wake of the decision.

“We’ve seen a little bit of US Dollar weakness which has translated into currency strength for the Aussie. There’s a bit of good old fashioned profit taking happening. There’s some book squaring ahead of the holiday season, people are taking their profits and clearing things up. The market has been given no news or reason to disrupt itself from getting ready for the Christmas period.

‘Not only do we have the holiday week but we also have a week where there is no domestic data due, so it’s pretty unlikely that we would see any significant move other than a tick or two here or there…unless we get some significant national event,” said Ric Spooner, chief market analyst at CMC Markets.

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The Pound remains supported against the ‘Aussie’ following comments made by Bank of England policy maker Andrew Bailey. Mr Bailey said that the Central Bank may have to intervene to prevent UK house prices from rising too high and too quickly.

Current Australian Dollar Exchange (AUD) Rates

The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.8935

The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6530

The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5465

The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.0902

The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.1191

The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.5314

The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.8292

The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.9171

Correct as of 11:25 am GMT