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

Australian Dollar Forecast – Unemployment Weighs on Sentiment
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.

Should you have an upcoming bank to bank money exchange to arrange and you would like assistance with your transfer then please get in touch. When making your decision about the timing of your transfer it is best to get as much information as possible. To find out more about the currency service we provide and the various contracts we can offer then please get in touch on 01494 787478. Alternatively email me with a brief overview of your particular requirement and I will happily get in touch to run through your options and to discuss the current market trends. Email Mike at [email protected]