Aussie finishes down against the pound

The Australian dollar edged to near four week lows against sterling yesterday, as mixed data out of the US helped curb investor risk appetite.

• Sterling also received added support as pessimism over the UK economy and financial sector finally seems to have started to recede.
  
• Despite there being no assurances that the UK economy has bottomed out, it does appear that investors are now taking a more optimistic view.
  
• Investors are also being drawn to sterling as markets are perceiving that the pound’s current levels are making UK assets cheap.