The trend has been very solid over the last few months with the market happy to buy the GBP and the NZD, and chopping and changing between the other major currencies. The EUR, CHF, JPY, AUD and USD have all had phases of weakness and of strength but as yet we haven’t seen one race ahead in the race to the bottom.
I’m going to stick with my long GBP play against the USD and the EUR and try to pick up some 150/250 pip swings in other pairs when all the stars align.
The RBA is not expected to do anything dramatic this afternoon, and most of the main pairs are tied in between big ‘order book’ levels.