For Australian dollar buyer and sellers this evening should be a volatile night for exchange rates for a few reasons. Firstly the Federal Reserve in the US are set to release their latest interest rate decision and many economists believe a rate hike is on the cards. If this occurs, I expect speculators to leave the Australian dollar and purchase US dollars in order to profit take. However if the FED decide to hold off expect the opposite and the Australian dollar could actually strengthen.
Later in the evening Australia are set to release a host of data including Unemployment rate, Employment change, RBA bulletin, Participation rate and Consumer inflation expectations. The two key releases are the Unemployment numbers and Employment change. With Unemployment expected to remain steady at 5.7% and Employment change numbers suggesting a slight rise, this could lead to the Australian dollar gaining strength. Therefore I wouldn’t be surprised to see Australian dollar exchange rates up and down like a yo-yo this evening.
As for GBPAUD exchange rates, I believe its only a matter of time until GBPAUD breaks through 1.60, therefore if a spike occurs this evening for Australian dollar buyers I would recommend seriously considering taking advantage. The reason why I believe rates will fall into the 1.50 is due to UK Prime Minster Theresa May’s announcement that she will trigger Article50 at some point this month.
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