Strong retails sales figures this morning has pushed the pound above the 1.71 mark and I personally would look for more value for buyers of the Aussie in the coming weeks and months. The recent good spell of weather in the UK has boosted retail sales by 1.1% and added to the hopes of a sustained period of economic growth for the UK. This all bodes well for the pound and I for one can see the recent shift continuing. Combine the recent performance of the UK and the prospect for future interest rate cuts by the Reserve Bank of Australia and I would look for rates to test 1.75 soon.
For anyone monitoring rates in the next few days watch out for a speech from Guy Debelle overnight. Mr Debelle is the Assistant Governor (Financial Markets) at the Reserve Bank of Australia (a position he has held since March 2007). In that role, he has overseen the Bank’s operations in the domestic and global financial markets, including the management of Australia’s foreign reserves. He will brief the RBA on the current developments within the financial markets and the global financial climate. His comments could influence short term positions for the Aussie.
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