RBA Interest Rate Decision

AUD GBP Soars on Aussie Trade, BoE Interest Rates

For the best exchange rates to transfer Australian Dollars do not hesitate to contact your currency broker. The Australian Dollar is under pressure over the next 24 hours as the Reserve Bank of Australia is likely to cut the official cash rate and with expectations of a 0.25% rate cut it may be worth looking at buying Australian Dollars over the next few days as the currency feels the negative effects of a rate cut. the AUD has already weakened against 16 major currencies before the meeting due tomorrow. The rate cut would be the first one this year.

27 of 29 economists have predicted the cut tomorrow and the other 2 have said a 50 basis point movement. Outside the mining sector the general Australian economy is struggling so a kick start for the economy could be welcoming for the general consumer leaving them with more money to spend therefore improving things for the country but not necessarily for the Australian Dollar exchange rate.

Sales of new homes have fallen to 5,443 in March so things are not as rosy as they one were down under which and without the mining sector and its relationship with China things could start to change.