The Australian Dollar remains steady close to the multi-week high buyers have seen visited a few time over recent weeks. A majority of the movement has been small over the last fortnight as economic date for April have already been released. We now find ourselves at the turn of the month and with it there is the potential for opportunities for both buyers and sellers. This comes from the “profit taking” which normally takes place on the last trading sessions of the month. The basics of this is that traders on the market need to sell off their positions to recognise their profits and this change in trading appetite changes the currencies demand and therefore its price.
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Longer term into next month change will come back to differences in economic fortunes for the USA, China, the UK and Australia. Each of which have key central bank meeting scheduled within the next 2 weeks. Plus with a host of economic data being released for each of them starting from Friday meaning swings could easily return.
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