Hi All,
Just watching the Australian Dollar exchange rate start to climb here back above the pounds to Australian Dollar rate of 1.8500 for the first time today. The RBA has become a little more upbeat of past and the chance for further cuts have watered down by higher than expected inflation numbers.
Also the Australian Dollar has fallen more than 16 % against the US dollar exchange so may be time for Forex Traders to take a pause and buy Australian Dollars to square positions and let the market settle.
Personally I feel the Australian Dollar is very overvalued and would like to see the Pounds Australian Dollar exchange rate back above 2.000 which is more inline with its historical average trading range.
All eyes are now looking at the Australian Unemployment rate on Thursday and the New Zealand Dollar rate announcement for further clues.