Australia Changes Its Rates

[alessio09]

Today the RBA decided to lift its cash rate target to the level of 3.25 percent as signs of recovery become more and more clear. You may view the complete complete coverage of this event here.

[Pinalli]

The Australian Dollar rose fast across the board, after two prominent Aussie journalists speculated that Australia's Central Bank could raise their core interest rates to 3¼% from a record low 3% this Tuesday's, as the Reserve Bank of Australia meets.

Still, many in the Forex market expect that the RBA will hold off this month and make the rate hike in November. Nonetheless, traders felt positive and boosted the Aussie.

At 12:00PM GMT, the Australian Dollar was up 1.1% to the US Dollar to .8777, up .3% to the Euro to 1.6687, up .45% to the Canadian Dollar to .9395, and up .06% to the New Zealand Dollar to 1.2009.

[grado]

Is that means a good timing buy AUD on the next Monday market open?

[Enivid]

Originally Posted by grado

Is that means a good timing buy AUD on the next Monday market open?

If you wanted to cash on this monetary policy decision then you are more than a month too late. If you want a long-term bullish position on AUD/USD or AUD/JPY then the next Monday is a good day to open such position.