Pound weakens against the Australian dollar

Sterling lost further ground to the Australian dollar yesterday, falling by 0.33% to close the day at 2.0421.

• In a volatile day’s trading yesterday, the pound weakened against the Australian dollar in the morning as investors continued to sell off the British currency.
  
• However, sterling was temporarily dragged up in the afternoon following a small rally on the FTSE, although the pound’s gains were given back in the evening after London equities still finished down on the day.
  
• The pound lost further ground to the Australian dollar early this morning, after the Reserve Bank of Australia kept interest rates on hold at 3%.
  
• The pound has continued to lose ground to the Australian dollar this morning on speculation that the Bank of England plans further action to boost the economy, and as forecasts for weakening company earnings hurts stocks.