Reserve Bank of Australia Keeps Interest Rates on hold and AUD$ strengthens

AUD GBP Looks to Data to Continue Recovery

Overnight the RBA kep interest rates on hold at 4.25% which was a shock to the market as many thought there would be a 25 basis point cut. The Australian Dollar strengthened against most of the major currency pairs by almost 1% during today’s trading. Investors rallied around the AUD on the back of the interest rate highs which are being preferred to compared to investing in the New Zealand Dollar. Many were expecting a cut and as they stayed the same the AUD spiked. Currently the base rate for New Zealand is 2.5% compared to the Australian interest rate of 4.25%. For the

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