The Australian Dollar has stayed strong for another trading session, following improvements earlier on this week. The good news at the beginning of the week (for Australian Dollar sellers) was a surprise, as the Reserve Bank of Australia decided not to cut its Interest rate further. This is a slight glimmer of hope, and was followed overnight by on-target GDP (Gross Domestic Product) figures. At time of print the GBP-AUD levels are sitting in the 1.96 region, not seen for several weeks. This seems to be a regularly tested level of support so would take realistically some poor GBP data in order to drop below.
Tomorrow the UK releases its own interest rate decision and there’s realistically very little chance that we will see any change. However with the markets you have to adopt a ‘never say never’ stance so it is important that your position is safe in the market.
If you have Australian Dollars to sell, as I have implied I’d be tempted to sell whist markets are low. If you have Australian Dollars to buy, it is worth getting in touch to take advantages of future spikes towards the 2.0 level.
The direct line to the trading floor is 01494 787 478 – please feel free to give me a call to discuss your position. Alternatively if you’d rather email, drop me a line to AJB@currencies.co.uk