Pound, euro in the red versus the New Zealand and Australian dollars, GBP-AUD forecasted to maintain upward bias
The Australian dollar (Currency:AUD) is showing a decent amount of resilience against the European currencies in early afternoon trade in London. Of course this could trade following the headline FOMC event due later (this will set the tone for the next directional moves in the forex markets), but for now AUD and NZD are well placed.
A look at the latest spot market rates shows:
The pound versus Australian dollar exchange rate is 0.12 pct in the red at 1.6473.
The pound versus New Zealand dollar exchange rate is 0.26 pct down at 1.9531.
The euro versus Australian dollar is a quarter of a percent in the red at 1.4089.
The euro versus New Zealand dollar exchange rate is 0.36 pct down at 1.6708.
Please note that the above is a spot market quote to which your bank will affix a discretionary spread. However, an independent FX provider will guarantee to undercut your bank's offer, thus delivering more currency. Please find out more here.
The Australian dollar, however, remains on the defensive
This month has of course not been kind to the Australian dollar, "The AUD remains very much on the defensive and understandably so, the RBA minutes didn’t do the currency any favours by revealing plenty of scope for further interest rate cuts. Headlines are circulating that China’s credit 
bubble is ready to burst and this is also weighing on the AUD," says Richard Driver at CaxtonFX.
GBP/AUD is trading up around 1.65 again this morning and will most likely maintain an upward bias suggests Driver.
Sterling versus New Zealand dollar
It was a softer session for this pair yesterday but another bounce is likely.
"With nerves over the possibility that the Fed will give a signal that QE3 tapering is near, we fancy sterling will edge higher here today. The MPC minutes may also lend a helping hand as well," says Driver.
This evening brings the quarterly NZ GDP figure, which is expected to show a robust 0.6% pace of growth. This may struggle for focus though given the furore around the Fed at present.