The Australian Dollar received a boost overnight, as the Reserve Bank of Australia decided against a further rate cut. A cut wasn’t anticipated, however with the upcoming Australian elections currency stability is vital, so a cut would have created waves!!
GBP AUD hit a week low today of 1.7124 which has provided an opportunity for those selling AUD. Unfortunately for Aussie Dollar sellers I believe that the days of 1.60 ‘something’s’ to sell are gone for the short to medium term, so low 1.70 figures should perhaps be a target.
Friday this week the US releases its most important item of data for the month, Non-Farm Payroll. ‘Non-Farms’ is employment data and heavily linked to the US Quantitative Easing programme. Should we see an improved figure then the US may look to ‘taper’ (reduce) their monetary stimulus. This could have a profound effect on the AUD value so worthwhile considering your position before Friday…
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Have a good evening!