While many economists think that the Australian interest rate will stay at 2.75%, there are some who think we’ll see a rate cut early Tuesday morning.
RBA (Reserve Bank of Australia) Governor Glenn Stevens has hinted at a cut and ForexFactory is also projecting a rate cut on their forecast, 25 basis points to 2.50%.
2.50% is an extremely physiologically significant rate for Australia to hit because it will remove their title of the country with the highest interest rates. At 2.50%, they will be tied with New Zealand and volatility can and should be expected.
The AUD is hitting three-year-lows against the USD. Investors, strap on your seat-belts, tomorrow has the potential of being a bumpy ride.
For Nathan’s most recent Technical Analysis click here!
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