We have seen the GBP/AUD exchange rate remain fairly steady so far this week, with rates remaining around the 1.92 (0.52) levels.
The market is generally poised and =awaiting any news on the EU referendum in the U.K but we have another notable data release due out later today which may impact all major global currencies.
Over in the U.S we have the Federal Reserve Interest rate decision and monetary policy statement. There is a chance that we may see an interest rate hike but I would put that at a slim one, the main talking point will be what is mentioned in the monetary policy statement following the decision which will give us an insight as to what the next move for the States may be.
The reason that this impacts the Australian Dollar so much is because it impacts global attitude to risk and with the Australian Dollar being perceived as a ‘riskier currency’ it can lead to quite a lot of volatility should it look like we may see global attitude to risk change.
Regarding the referendum we are seeing the campaign to leave the EU gather quite a large amount of momentum which could lead to Sterling dropping off considerably for a short period as we see uncertainty hanging over the U.K and the Pound.
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