The Pound has had a very busy days trading today as the markets wait for guidance on a potential interest rate cut.
The Reserve Bank of Australia (RBA) meet tomorrow, with market analysts having a very split decision as to whether or not an interest rate cut will occur. The RBA cut rates on several occasions last month, bringing with it many losses for the Australian Dollar, a welcome boost to the flailing Aussie economy. My personal opinion is that the RBA wont cut rates, and that a slight reduction for Sterling against AUD will be observed. The most recent poll is 59% believe that the rate will be cut – I don’t think thats a high enough following for a cut.
If you have an exchange requirement, please feel to contact me from, 08:30 UK time on 01494 787 478. Please ask for Andrew Bromley on the Australian Dollar desk. If you’d rather, please feel free to email me directly AJB@currencies.co.uk