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Australian Dollar sideways

Published August 20, 2019

Author : Brett Gordon

The Australian dollar had gone back and forth during yesterday`s trading session. Today the Australian Dollar will be of interest to traders  – both because of the broader macroeconomic-environment, and the RBA’s minutes.  Given the RBA’s decision to keep rates steady this month, the focus for market participants will be the central bank’s forward guidance.The talk has been to hold this month , however they are in a position to cut rates if needed.

The EUR  this week in terms of economic events is likely to be speeches from several Fed members. The markets will particularly pay attention to Powell’s speech on Friday as there is increasing expectation that he will signal the go-ahead for a rate cut in September. Aside from Fed speech, PMI data from several euro area economies stand to bring volatility on Thursday. Minutes from the latest ECB and Fed meeting will also be released the same day.

The GBP initially tried to rally a bit during yesterday`s trading session but found enough resistance  to sell off yet again. The British pound continues to show signs of weakness as we can’t get some type of agreement between the British politicians to get some type of movement. Ultimately, it looks as if we are coming closer to a “no deal Brexit”