AUD - Sterling edged lower against the Australian dollar yesterday, ending a three day upward streak as the UK banking industry came under fire.

• The pound relinquished early gains after a credit agency said that UK banks can no longer be classed among the most low-risk in the world.
  
  
• Sterling was prevented from falling too low though with risk aversion remaining on concern over the strength of the global recovery.
  
  
• The Nikkei 225 fell 2.1% and the MSCI Asia Pacific Index of regional shares dropped 1.8%, sapping demand for the aussie.
  
  
• Indeed the pound is marginally higher this morning, with the price consolidating above 1.80 following some positive confidence data from the UK economy.