Australian dollar strengthens over the weekend

The Australian dollar strengthened against sterling during the weekend session after global equity markets improved. Market participants will await the UK budget due this Wednesday, where it is widely expected to downgrade its economic outlook for the year whilst increasing government borrowing. The pound also suffered after UK Trade and Investment Minister Mervyn Davies told Reuters he was not worried about a further slide in the currency, while adding a weak currency would help the British economy out of a recession.