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FOREX: Westpac note that "Aussie hit a post-Brexit low against the British pound
in mid-October as AUD underperformed amid broad yield-driven US dollar gains and
GBP found some support on Brexit negotiations. AUD's recovery since then has
been supported by multi-month highs on Australia's commodity prices, encouraging
domestic data and some faltering in sterling sentiment. The coming weeks are
vital for whether a workable Brexit agreement is reached so it is hard to have
confidence in near term AUD performance versus the pound. Failure to compromise
could see a return to GBP 0.57 or AUD 1.75 while positive Brexit news should see
a reversal of the recent AUD gains, though perhaps not as far as the early Oct
levels, given AUD's stronger fundamental support."