The pound Australian dollar exchange rate is 0.133% higher with 1 GBP = 1.5401 AUD. The Australian Dollar to US Dollar exchange rate is 0.020% higher with 1 AUD = 1.0254 USD. The euro to Australian Dollar exchange rate is 0.133% higher with 1 EUR = 1.3431 AUD. Yesterday, we saw the AUD’s turbulent ride continue as European and US equities fluctuated wildly on the constant flow of news, rumour, and speculation emanating out of talks between key European leaders. Concerns earlier in the week that Germany was waning in its support of Greece saw Greek default probabilities soar, but words of unity overnight soothed these fears and equity markets were able to rally. Having closed the Australian equities session around the 1.0215 mark against the USD, the AUD drifted to an overnight low of 1.0178 before recovering along with US equities to close at 1.0265. Despite solid gains for the Australian market today, the AUD had drifted in Asian trade, currently sitting in the 1.0240 range. The British pound made some decent gains over the kiwi dollar as the Reserve Bank of New Zealand holds interest rates at 2.50%. The RBNZ held rates once again last night, with Governor Bollard asserting that the global economy looks set to slow down “sharply.” The comments were more dovish than expected and aside from failing to produce the rate hike that some may have been hoping for; this seems to push expectations of a hike back to early next year. GBP NZD is back up trading at 1.93 but sterling may struggle to build from here if this morning’s UK retail sales figure disappoints as expected.

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