Following a break above 1.50 for Sterling against the Australian Dollar and so far (at the time of writing this) the pairing managing to stay above 1.50 I feel we could see the Pound push on a little further against the Australian Dollar overnight.
The Reserve Bank of Australia release their meeting minutes from the last interest rate decision and I think that the key thing here is that we have heard concerns from numerous Australian officials that the strength of the Australian Dollar may start to damage the economy. This may open the door for the RBA to look at another rate cut (or at least hint at one). An interest rate cut generally weakens the currency concerned as it makes it less attractive to investors there fore becoause the markets move on rumour as well as fact we may see a sharp weakness for the AUD against all majors should we hear news of potential cuts tonight.
If you have AUD to sell, it might be time to jump on the rate whilst it is there, if you have AUD to buy then I would keep a keen eye on where the rates are moving in early trading tomorrow morning.
Unfortunately neither I or anyone else can guarantee their economic predictions. What we can do is make clear to anyone who needs to make a trade what their options are and what they should be aware of that can move their rate. We are able to offer rates that can beat banks and other brokerages and I for one have never been beaten on a price by a bank or a currency broker so it is well worth you getting in touch if you find this site of use.
For a free analysis of your position and what may move your rate of exchange please feel free to speak with me Daniel Wright directly on 01494 787 478 or email [email protected] I welcome private and corporate clients of any size so do feel free to contact me today.