Australian Dollar battles back as RBA hold off rate cut – Growth figures to be key (Daniel Wright)

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.

With so much going on in the currency markets at present it is essential that you have an efficient and proactive currency broker on your side should you have a currency transfer to carry out in the near future.

If this is the case then I can help you personally. The company we all work for has won numerous awards for our exchange rates and customer service, and we can generally get better rates than companies such as Oz Forex and HIFX so it well worth getting in contact with me today. You can email me (Daniel Wright) on djw@currencies.co.uk with a brief description of what you are looking to do and i will be more than happy to give you a call.