The RBA minutes which came out overnight showed that the central bank is unlikely to cut interest rates next month.
This has given the Australian Dollar a brief period of strength against Sterling
The surprise rate cut 2 weeks ago shocked the currency markets and a movement of approximately 2% occurred on that particular day.
The uncertainty surrounding Greece is ongoing which is also placing pressure on the Australian Dollar as global investors sell off riskier currencies including the AUD, NZD & ZAR.
I do think that at some stage the Greek issue will be resolved which could give a brief respite for the AUD but the timescale is not yet clear.
The inflation data for the UK came in as expected which has briefly weakened Sterling during this morning’s trading session.
There is little data due this week down under so the focus will be on what happens in both the UK and US over the next few days particularly with the release of the FOMC minutes in the US due tomorrow evening.
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