It’s less than an hour before the release of the RBA Board’s decision on interest rates and the Governor’s statement, so traders are moving the Aussie around, on a whim it seems, in what is starting to look like very ratty trade.
In the grand scheme of things 50 points on a day is not that much, but over the past couple of hours a move up and back of that magnitude, from 0.7786 to 0.7833, is almost 3 times as big a move as you’d expect to see in any given hour at the moment.
What it tells you is that which ever way the RBA goes this afternoon its likely the Aussie will end the day a long way from the current level of 78 cents.
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