Overnight the Reserve Bank of Australia will be announcing its interest rate decision for the Australian economy.
Glenn Stevens, the Governor of the RBA, has been discussing the positive aspects of the Australian economy over recent months, a 180 from his comments at the start of the year.
Due to his recent change of tone, it seems that instead of further rate cuts, which he alluded to in the summer, he may now be putting any such decisions on hold until 2016.
The Australian Dollar has been gaining against most major currencies over the past week due the consensus that no rate cut will take affect.
As such I don’t expect a huge amount of volatility in the rates tomorrow. Should this be confirmed then GBP/AUD may dip slightly lower than the 2.13’s on offer, however, I believe rates should still be above 2.10.
The rate statement will also give us a better idea of Steven’s long term view of the economy in the wake of Chinese slowdowns.
Contact me overnight on [email protected] to get the news on rates tomorrow morning, and new long-term forecasts. If rates tick down further, I would be happy to offer a competitive quote for anyone looking to buy AUD who want to prevent further losses. I can also assist those looking to sell if your needs cannot wait and you can’t ride any moves in your favour any further.