China have dropped interest rates today and this does not bode well for AUD due to Australia,s heavy dependence on exports to their Asian counterparts. Contradictory to this movement China’s GDP came in better than expected this week at 6.8% against the expected 6.7%.
The RBA recently stated they are keeping interest rates at the same level although they were prepared to move if there was a further slow down in China’s growth. Whether they will drop interest rates on the 3rd November will be heavily dependent on China’s data releases.
Short term I can’t see GBP/AUD breaking 2.15, so it may be wise to reevaluate your trading target if you have to move quickly.
Currently I amoffering a free rate alert service, just give me a call or e-mail with your currency requirements including your time scale and the levels you are hoping to obtain and I will notify you of any volatility.
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