The Pound is pushing the 2.0 AUD to the Pound marker again, as the small window of Strength from Monday has disappeared. The Aussie made its gains following the minutes of the recent interest rate cut announcement, with the indications being that the next cut isn’t immediately round the corner. This is slightly more positive than had previously been predicted with some analysts predicting back to back interest rate cuts – a pretty dire situation for Australia! I am of the opinion that we wont see another cut until April / May time, with the rate localising either side of 2.0 until then.
If you hold Australian Dollars I’d be inclined to get them sold to ensure a rate better than 0.50 is achieved. If you are buying Australian Dollars, a limit order (automatic buying instruction) would be wise set between 1.9950 and 2.0. I’m on the Australian Dollar desk from 08:00 (and earlier via email). Feel free to drop me a line! AJB@currencies.co.uk / 01494 787 478 Have a good evening Andrew Bromley