Sterling has had a relatively quiet day against the Aussie with it being a US bank holiday and little data from the UK or Australia. Overnight however will see the release of the Reserve Bank of Australia’s recent minutes from their interest rate decision earlier this month. This will give insight as to what future monetary policy the RBA will have in store in the coming months. With the RBA recently indicating they were unlikely to continue with their stance of cutting interest rates, should the minutes re-confirm this stance then we could see some good strength tonight and tomorrow morning, of course any hint that interest rates could fall further and look for the opposite.
Looking to later this week and Bank of England will also release their minutes at 09:30 on Wednesday. Again look for clues as to future monetary policy, however following a string of stronger results in the UK and positive sentiment from Mark Carney, these minutes could well lend further support to the pound.
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