The Reserve Bank of Australia (RBA) in the early hours of this morning have dropped Australia’s interest rate by 0.25%, from 2.0% to 1.75%. The Pound strengthened over the Aussie but not by how much as I would expect. GBP/AUD peaked at 1.9432, it now sits in the 1.9380s. I would expect a further move in Sterling favour after the announcement, the pound’s advance may have been thwarted by the ever prevalent EU referendum.
I do not think the rate drop has had enough of an impact to satisfy the RBA’s needs so it would not surprise me to see further rate drops on the horizon. This does not bode well for the AUD seller. If you are selling AUD I would do so sooner rather than later. If the UK remain in the EU we will see the Pound gain considerable strength and with further rate drops looming it could be time to take advantage of rates as they sit.
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