Sterling has dropped vs the Australian Dollar to its lowest level since June 2015 as the RBA have announced a huge shift in recent policy.
With expectations only a month ago of an interest rate cut at some stage in the near future RBA governor Glenn Stevens’ recent comments that interest rates will stay the same for the time being surprised the markets.
It could even be argued that the RBA are keeping interest rates high as if the Federal Reserve in the US look at increasing rates the RBA want to remain competitive.
The decision yesterday caused big movements for Sterling vs the Australian Dollar and exchange rates fell by over 3 cents from the high to low causing alarm for many looking to convert Sterling into Australian Dollars.
This morning sees the release of Australian GDP data and if this is stronger than the expectation we could see further Australian Dollar strength vs the Pound.
I think we could see this recent trend continue and therefore further Australian Dollar strength.
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