The Australian Dollar has remained range bound against Sterling and Euro this week as the NYSE has remained closed but due to open today. There are also only a few data releases during the last week of the month so I think today’s trading session will be relatively quiet. Greece which has been under intense pressure over the last few months has seemingly agreed a deal with creditors on an austerity plan in order to release fresh bailout funds. According to Greek PM Antonis Samaras ‘if this deal is approved and the budget is voted, Greece will stay in the Euro and exit the crisis.’
If this goes through I’m confident that Europe will offer some stability and encourage investment in more riskier currencies so I think we could see a strengthening of the Australian Dollar early next week. Focus will also be on the RBA and whether or not they will move interest rates in Australia. The interest rate decision is due for November 6th so if you have a currency requirement and would to arrange something prior to the announcement feel free to contact me directly Tom Holian [email protected] My feeling is that we will not see a rate cut next week which could provide the Aussie Dollar with more strength during the first week of November.
For more up to date information contact me Tom Holian [email protected]