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Exchange Rate: AUD/USD Forex Trading Forecast for Oct 7

Exchange Rate: AUD/USD Forex Trading Forecast for Oct 7

On Monday the USD remained just below four-year highs against the AUD as investors consolidated gains after a strong jobs report last Friday. However, the AUD also climbed ahead of Tuesday’s rate review by the Reserve Bank of Australia.

The pair climbed from a day low of 0.8655 and at one points reached as high at 0.8747. Data released on Monday showed that job adverts in Australia rose 0.9% last month after an increase of 1.6% in August.

Tuesday’s rate review is sure to have a major impact on the pairing and it could go either way. The USD looks sure to stay strong in the coming days. If the Reserve Bank lower interest rates then the AUD is likely to lose value, the opposite is also true. Therefore, it is best to perform short term trades immediately after the results of the review have been published.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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