As expected the RBA left interest rates unchanged at 2.5% and did not cause to much volatility for the AUD at the time of the release against the pound. There were no comments regarding the strength of the currency and eyes will now turn to the job numbers out tomorrow. If on Wednesday evening there is a drop in unemployment we may find that GBP/AUD heads back towards 1.80. If there are more people out of work I would target 1.83 and look to capitalise on this still very attractive buying AUD rate.
In the UK we will also release our interest rate decision for May on Thursday. No movement is expected but with the recent news that UK unemployment has dropped below 7% some may feel an interest rate rise is around the corner. It will be the minutes in two weeks time when we learn if any members of the MPC have voted for a rate hike. Something to keep an eye out for later in the month. On Friday UK manufacturing production and trade balance figures will cause some volatility on the day but I still feel that GBP/AUD will be range bound between 1.80 to 1.83.
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