The pound has relinquished gains against the aussie yesterday and has continued to slide further today

Having gained steadily throughout the day, the pound lost ground in the afternoon as global equities stumbled, eventually closing 0.13% down.

• Sterling was able to reverse its slide in early trading yesterday, as the aussie fell victim to light profit taking, with investors forecasting that the higher-yielding currency may be unable to sustain its bullish run.
  
• However, the pound turned negative as reports that British regulators had set tougher-than-expected terms on Lloyds’ proposed exit from a government scheme.
  
• The report strengthened claims about the ongoing fragility of the British economy and allowed the aussie to recoup losses.
  
• Overnight, Asian markets followed those in the US in turning negative, pulling commodity prices down, however sterling has failed to capitalize on weaker demand for higher-yielding assets, currently trading 50 cents down for the day.