GBPAUD exchange rates took a surprise rise today even after yesterday’s positive news from China.
However, the Aussie Dollar fell during today’s trading session after building approvals saw a fall of 5.6% in April against the expectation of 2%. The Reserve Bank of Australia meet tomorrow to decide what to do with interest rates and I think there will be no change nor any surprise announcement by the bank as a change to monetary policy has been off the agenda for the last few months.
Chinese data for non-manufacturing is due out overnight and with the previous month showing 54.8 (anything above 50 shows growth) anything lower could send GBPAUD rates in an upwards direction.
April’s Retail Sales are also released overnight and this could provide us with a short term trend as to what to expect for Australian Dollar exchange rates.
The most important news for the week is likely to be what happens in the Eurozone on Thursday. The European Central Bank are due to meet in the afternoon and many analysts are expecting a small cut to interest rates owing to the recent fall in inflation in the Eurozone.
With the uncertainty surrounding what may happen later this week expect there to be a lot of volatility over the next few days on GBPAUD exchange rates.
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