European Central Bank news strengthens the AUD.

Australian Dollar Forecast – Unemployment Weighs on Sentiment

Today’s news has all been European with news from the European Central bank. They have confirmed the assumptions made and the leaked news earlier today and started their QE program. They have signed off on billions of euros being spent and significantly increases the money flow of cheap money into the system.  This increases the risk appetite of traders and people have been buying risky currencies, so the AUD, CAD, NZD and ZAR have seen demand increase making their respective currencies more valuable.  The AUD has gained against the pound by over 2 cents this last 24 hours.  A massive opportunity for anyone buying the AUD, sellers however are disappointed.

 

Tomorrow we have UK retail figures due on the morning which are expected to show a weakening of the retail market which could give AUD sellers some relief.

 

For more information feel free to contact me via email at hse@currencies.co.uk