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.
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