GBP/AUD rate spikes following RBA comments last night (Daniel Wright)

GBP/AUD soared through 2 last night again but only for a short period of time.

Comments from the RBA (Reserve bank of Australia) last night confirmed that they would not be opposed to further easing however they did rule out an interest rate cut in the near term.

Could this be the start of the potential of QE (Quantitative Easing) over in Australia?

If they do decide to go down that route then we may see the Australian Dollar weaken considerably, much like we did we Sterling and the Euro when QE was announced.

The mid-market did not stay above 2 for long which still suggests there is a little resistance out there at this level so we will need something to finally beat down the resistance and push GBP/AUD on to the next levels.

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