Australian dollar remains near 12 year high

The Australian dollar remains very well supported against the pound, after hitting a fresh 12 year high on Friday.

• The Australian dollar consolidated on its recent gains against sterling overnight, as gains in equity markets and stronger commodity prices continued to drive demand for the aussie


• While the aussie continues to benefit from an upturn in optimism and increased demand for risk, sterling continues to be weighed down by the Bank of England's surprise decision to announce an extension to its quantitative easing programme


• Many in the market had assumed the BoE would wait until its initial 3 month plan had finished and they could discern whether any further easing was required