The RBA have decided to keep Interest rates on hold for the time being, poor Chinese data this morning could impact the Aussie Dollar despite strong housing data released overnight.
In the early hours of yesterday morning the Reserve Bank of Australia announced Interest rates would not be cut for the 2nd consecutive month. This was no surprise as it would have been difficult for the RBA to analyse how the cut last month had impacted and improved growth within the economy. As Interest Rates were kept on hold at 1.75% I expect the Pound will continue to fall against the Australian Dollar within the next 15 days however potential spikes in the market could occur due to economic data releases.
Overnight Australia released their latest Home Loans orders. This data release indicated how the housing market is performing and shows a level of consumer confidence. Home Loans were expected to be released at 2.5% however they disappointed and were released at 1.7%. In addition China released their latest Trade Balance numbers. The numbers were a mixed bag as Imports were slightly up however Exports were slightly down and therefore the data releases counteracted one another.
China release their latest Consumer Price index numbers Thursday morning. Consumer Price Index also known as inflation increased to 1.6% last month however a drop is expected to -0.3% which could have a negative impact on the Australian Dollar and therefore we could see a spike for Australian Dollar buyers.
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