Sterling has pushed back above 1.82 the highest against the Aussie on nearly three weeks. The move has come about following the RBA minutes out overnight that indicated interest rates in Australia were unlikely to change any time soon. The board judged it was prudent to leave rates on hold while they continued to have the “expected effects” on economic activity.Advertisement “A sustained increase in dwelling investment was in prospect, consumption had strengthened a little and business conditions were around average levels,” the RBA said.
This current market volatility surrounding the Aussie is very much continuing with a near four cent shift in less than a week, a trend for me that is likely to continue.
Looking for the rest of the week and consumer confidence figures overnight from Westpac will make for interesting viewing and this will be followed by the Bank of England minutes and retail sales figures at 09:30 tomorrow morning. A busy week for the pound will also see the official UK GDP figures at 09:30 on Thursday.
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