Great Britain Pound and Australian Dollar: The Pound continued its slide down despite a report indicating UK manufacturing figures improved to -36 in line with market expectations. The Sterling fell below 1.5560 as concerns over the viability of the UK’s fiscal deficits continued to dominate investor sentiment with Net Public borrowing increasing 4.3 billion. The Cable met with some reprieve and opens at 1.5620 today in the wake of disappointing US leading index results which weakened the Greenback. The GBP is also down against the stronger Aussie buying 1.7320 after the Aussie strengthened on the back of fairly positive US data and stronger commodites.
- I expect a range today in the GBP/AUD rate of 1.7250 to 1.7365
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