Aussie dollar falls against pound

The Australian dollar retracted against sterling in overseas sessions as rising risk aversion kept the dollar under pressure. High yielding currencies were affected as finance ministers from the Group of Seven countries offered nothing new on currencies at a meeting over the weekend in Italy. The pound was limited in its gains by sharp falls in the UK banking stocks after Lloyds Banking Group unveiled a hefty loss in relation to its HBOS subsidiary. However with good strength over the weekend, the pound is up this morning from Friday's close against the Aussie dollar.