Focusing on the GBP/AUD pairing and the volatility between these two has continued with a high/low range in the last 30 days of 2.8% a difference of AUD 9,902 on a £200k money exchange. This morning the volatility could continue with UK PMI construction figures forecast to fall from 62.5 to 62, although with the manufacturing figures yesterday posting a solid improvement there could be another boost for the pound this morning.
Next week looks to be particularly busy for the Aussie. Tuesdays Interest rate decision and accompanying RBA (Reserve Bank of Australia) statement will be the key. For me it is inevitable interest rates will stay on hold at 2.5% but it will be the statement from RBA head Glenn Stevens after that should be closely monitored.
Recently his sentiment has been changing giving mixed views as to whether he is comfortable with the current position for the AUD; this statement could give further clues as to whether he may favour a weaker dollar or whether he is comfortable with its current position.
Also watch out for Retail sales on Wednesday and unemployment figures on Thursday.
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