The Australian Dollar has continued to weaken over the last few weeks and now sits again over the 1.70 mark against Sterling. Feel free to review my last blog for a summary of the driving forces for the AUD.
When is the best time to trade the Australian Dollar this week?
Monday evening UK – Tuesday morning in Australia
Reserve Bank of Australia minutes
The market view is that these minutes will indicate that the bank has no urgency or plan to change interest rates again this year. This will probably strengthen the dollar making it more expensive to buy but cheaper to sell. As a result a good time for people holding Australian dollars looking at selling this week.
Tuesday evening UK – Wednesday morning in Australia
Leading Index report
This is a report on the general health of the economy in Australia. The view here is that ist will be down so posative for Dollar buyers and negative for Dollar sellers
UK GDP Figures
This is expected to show a climb for Sterling. Again a good thing for AUD buyers but bad for Australian seller.
As a result GBPAUD traders may want to move towards the end of the week. AUD sellers may again like to move sooner rather than later.
If you are trading the Australian Dollar or any other major currency and would like information, trade prices, or a strategy please feel free to contact me. Contact me on email via [email protected]