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Gains Forecast for Australian Dollar to Pound Exchange Rate - AUD GBP Outlook

May 12, 2015 - Written by John Cameron

You’ve heard of ‘robbing Peter to pay Paul’, right? Well news has emerged today suggesting that Greece used the method of ‘robbing Peter to pay Peter’ in order to make its latest repayment of €750m interest to the International Monetary Fund.

If reports are to be believed, the debt-addled Hellenic state raided €650m worth of funds from its emergency account with the International Monetary Fund in order to meet this week’s latest instalment of its debt obligation to the same organisation. According to one Greek government spokesman, this sum of €650m will itself have to be rapid within the next few weeks, adding to the Athens administration’s debt peril. The news that the Mayor of Greece’s second largest city Thessaloniki was compelled to hand over his municipal cash reserves to the national government last week adds to the impression of a government behaving like a shopping-mad wife addicted to credit cards.

Yesterday’s assertion from Greek Finance Minister Yanis Varoufakis that his nation will ‘run out of money within two weeks’ now appears all the more plausible and the euro (currency:EUR) remains firmly in the danger zone as a result. Few will now doubt the shaven-headed moneyman from Athens’ summation of the situation as ‘terribly urgent’ last night and the developments of the past 24hrs make a run at its 7 ½ year high of 1.4257.

Meanwhile, on a good day for the Pound Sterling, the Australian Dollar (currency:AUD) was one of the few global units to outperform the British tender. The GBP AUD exchange rate dropped to as low as 1.9572 during early trading as investors responded p[positively to the latest domestic budget statement, delivered by Treasurer Joe Hockey last night. The Australian money man promised help for small businesses and assistance for Aussie parents wishing to return to the labour market. Commentators deemed the budget to be pro-business and the Dollar from Down Under registered gains as a consequence.

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