As mentioned in our previous posts, the Australian Dollar gained ground against most major currencies in yesterday’s trading as the RBA failed to cut interest rates as had been expected by most major analysts.
The central bank held rates at 2.25% which gained the Australian Dollar around 0.5% over Sterling in the short period after it was announced. Personally I feel we do have a rate cut to come from Australian and this may be merely a case of them delaying it for a month or so and a rate of 2 is still highly achievable in the coming weeks.
Later on we have GDP (Gross Domestic Product) figures for Australia which will show how much the Australian economy grew or shrank during a specific period and expectations are for a slight drop off. Should we see this then we could easily see the gains made by the Australian Dollar over the past 24 hours eroded away.
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