Even with no interest rate movements and stronger than expected growth figures for Australia so far this week the Australian Dollar still appears to be finding it tough to gain any momentum against the major currencies, the on-going situation in Ukraine certainly is not helping things, but I am fairly sure that investors and speculators alike are more than likely avoiding the Australian Dollar still from comments made by the RBA (Reserve Bank of Australia) towards the latter part of 2013.
Both the RBA and the Government had commented that they would like to see the Australian Dollar a lot weaker than it is and this led to a huge sell of of AUD in a short space of time as the markets do move on rumour and speculation as well as fact.
Interest rates are currently at a 54 year low in Australia and comments from RBA Governor Stevens suggested they are not likely to get any lower in the near future, which opens the door for other economic policies to come in and weaken the AUD should it be needed.
I personally feel that the AUD still has a little further to weaken, however I would be a little wary of any dents in the economic recovery for the U.K if you are looking to buy Australian Dollars with Sterling in the near future.
Tonight (This morning if you are reading this from Oz) we have more economic data out for Australia in the way of Retail Sales and Trade balance figures which may be another potential market mover. Following that information we have the interest rate decision for the U.K from the Bank of England at midday U.K time which although should be a bit of a non event has the potential to throw up a surprise or too so it is certainly one to watch.
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