Sterling Australian Dollar exchange rates could be in for a very volatile next 24 hours as we wait to see what will happen with Australian GDP due out tomorrow morning. The year on year expectation is due for 3% so anything different could see large movements for the currency pair.
RBA governor Glenn Stevens will speak shortly afterwards and I think the main focus will be on the GDP release as well as further insight into how monetary policy may be affected.
Stevens has recently suggested that the Australian Dollar is perhaps a little too strong so I think we could see a negative move for the Aussie Dollar during the speech.
Looking back to the UK we have our own release of UK PMI data focusing on the services sector which as of late has been very good. If the figures are better than the expected 58.5 I think we could see Sterling strengthen against the Australian Dollar in the morning.
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