The Australian Dollar weakened at one stage this morning after retail sales down under came out worse than expected with a reading of 0.2% where markets were expecting growth within the sector of 0.3% Rates at one stage hit GBP/AUD 1.8070 before falling again down to a low of 1.7944. With the rate very rangebound at the moment significant movements will be dependant on comments from one of the central bank members, economic data or events over in China.
With very little chance of interest rate movements in the UK or in Australia things are very flat. I feel we will see these levels remain until the consumer confidence levels come out next Tuesday for Australia and teh trade balance figures for the UK the day after.
With things so flat I would recommend moving on spikes in the market as I feel this lull in the rates will continue. If you are still holding out for 1.90 and need to trade within the next week or so I would look at things before a further potential drop in the rates occur.
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