Author : Brett Gordon
AUD has tried to rally during the trading session on Monday but gave back most of the gains early in trading and now looks like it is going to make a serious play to get through the 0.69 level.Australian shares are set to rise as US stocks backed away from record highs and investors looked forward to an interest rate cut from the FED.
US President Trump has revisited his attack on the FED before this weeks meeting saying it will probably do very little to counteract actions by Europe and China to ease monetary policy and declaring a small rate cut is not enough.Most major currencies are keeping moves small ahead of Wednesday’s expected 25 basis point cut by the Federal Reserve.
GBP saw another 0.6% drop after Britain’s new foreign minister and former Brexit chief, Dominic Raab, told the European Union it needed to change its position to avoid a no-deal in October. The drop also followed comments by senior UK ministers over the weekend that the government was ramping up preparations for a no-deal outcome and was working on the assumption that the European Union will not renegotiate its Brexit deal.
© Copyright - EncoreFX, 2018.EncoreFX (Australia) Pty Ltd ABN 42 607 244 879 AFSL 479 870 is the issuer of the financial products in Australia. The information on this website has been prepared without taking into account your objectives, financial situation or needs and so before acquiring any financial services or products from EncoreFX, you should consider the appropriateness of the information having regard to your own objectives, financial situation or needs. You should obtain the product disclosure statement (PDS) for the relevant product and consider the PDS before making any decision to acquire the product. The information on this website is not directed at residents of any country other than Australia and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. It is the responsibility of visitors to this website to ascertain the terms of, and comply with, any local law or regulation to which they are subject.