The British Pound has pulled slightly back against the antipodean currencies after a day of steady gains. The Pound Australian Dollar rate has edged lower in morning trade in London. The exchange rate is 0.02% lower at 9:47am with £1 - AUD$ 1.6609. The Pound New Zealand Dollar rate is lower by 0.345%. The spot exchange rate for the pair is £1 = NZD$2.1636. British Pound fundamentals Caxton Fx say that unemployment data has been guiding British Pound value over the course of the past 24 hours. Although the data was marred slightly by a higher overall rate of unemployment (8.0%), the market focused on the positives, taking sterling higher. In addition, Apple and Morgan Stanley both added to the buoyant earnings season, reporting first quarter profits that far exceeded expectations, lessening demand for the safe haven dollar. But market players are still wary of chasing sterling too high given the level of political uncertainty, and sterling is likely to ebb and flow on political news, remaining vulnerable until the election is passed. There is a whole raft of figures from the US this afternoon, though the "bigger" issues of Greece, the TV debates, and the two-day G20 meeting begun today are likely to dictate direction. Pound vs Aus Dollar The pound climbed steeply against the Australian dollar yesterday, gaining a cent and half as weaker equities and profit taking stemmed Australian Dollar demand. Lower equity prices in both Europe and the US were followed in Asia, taking the edge of risk appetite and push the aussie lower. Analysts noted that the price movement was compounded by profit taking in the market, with investors taking the opportunity to sell the aussie dollar's recent strength. The price is flatter this morning, with the pound holding its position above 1.66. "We do expect the pound to push too much higher in the near term with the higher yield in Australia underpinning solid demand for the currency," say dealers at Caxton FX in a morning note. New Zealand Dollar Similarly to the Pound / Australian Dollar pairing, the UK currency made strong gains against the kiwi yesterday, reversing recent losses. The pound briefly moved back above 2.17 as weaker risk appetite put downward pressure on the kiwi dollar, though the price is slipping lower this morning. Caxton Fx say: "The continuing saga in Greece and other peripheral eurozone nations is also weighing on riskier assets, which is helping prevent sterling move lower. "With some positive figures from the UK expected this morning, we could see sterling cuts its losses, though movement is unlikely to be exaggerated."

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