AUD rallies back to 1.85, RBA interest rate decision and statement also likely to cause further volatility (Mike Vaughan)

AUDGBP Higher on ‘Truly Remarkable’ Jobs Rebound
Michael Vaughan

Sterling has fallen from a high of 1.8795 to a low of 1.8525 following some poor manufacturing figures this morning. This volatility is set to continue overnight with the Reserve Bank of Australia releasing its latest interest rate decision and accompanying statement. Any nod towards future interest rate cuts and the gains made by the AUD could be wiped out and this period of unpredictability for GBP/AUD could continue (only last week it was trading at 1.90).

Other data to watch out for this week will be Thursdays business confidence figures and retail sales figures and trade balance figures. Retail sales figures expected to shift from 0.7% down to 0.4% and is set to weaken the Aussie later this week. Following this watch out for the Bank of England’s interest rate meeting at 12:45. Todays shift could represent a real opportunity for anyone selling AUD.

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