Sunday, June 2, 2013

Australian dollar at the bottom

Australian dollar has fallen a lot for a few months. The speculating community were expecting that the Bank of Australia will continue cutting interest rates for some time. However, this does not seem likely from the recent statements and actions of BOA. They did a cut recently, but that will probably be the only one this year. They will be closely monitoring economic data month by month to see if inflation is picking up or going down.

This week we have interest rate decision from the Bank of Australia. So, Tuesday will show whether my speculations about turn around in aussie are right or wrong. Let us see and wait. I will make an update on possible forex pair moves tomorrow.