The Bank of England last night chose to keep interest rates on hold at 0.5%, which was no surprise and inline with predictions. However what’s interesting is that in their voting system, which provides insight into who voted for what and why, showed a third member of the seven member board is now interested in a rate hike, one more than had been the case previous. Odds are therefore increasing that we could see a rate hike from the Bank of England sooner rather than later which should continue to support the GBP. AUD/GBP has been tracking lower over the month and is now around two cents off the high we saw in early June around 0.5750.
In other news U.S and European stock markets retreated with commodities. Our Aussie share market has however bucked that trend over the last few days with the ASX200 managing to finally surpass the 2007 high – it only took 11 years. Have a great weekend!
AUD EXCHANGE RATES:
AUD/USD – 0.7374
AUD/GBP – 0.5567
AUD/EUR – 0.6353
AUD/NZD – 1.0736
AUD/JPY – 81.048
USD/BTC – $6,680
OTHER MARKETS:
All Ords (XAO) – 6,332
Gold – A$1718/oz
Silver – A$22.15/oz
WTI – US$65.86/barrel
DATA RELEASES TODAY:
All – OPEC Meetings
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Patrick Downes
Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
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