Australian dollar trades mixed against sterling

The Australian dollar lost ground briefly to sterling yesterday, before recovering after the UK economy received a boost by better UK housing data. Figures revealed that although UK house prices still contracted last month, their decline was the slowest in 12 months. Sales volumes also picked up from record low levels. The Aussie also received support later in the day as equity market gains continued to support the high yielders. Little data is due today so direction will largely come from equity markets and risk appetite.