Monday, November 3, 2008

central bank down under

One other thing worth checking at 03:30 is the RBA’s (australian central bank) interest rate announcement. They are expected to cut by 50 bps from 6.00% to 5.50% and a cut of 25 bps could be a good buying opportunity for a quick in-and-out 50 pips. If they cut 75 bps to 5.25% (or even better 100bps to 5%), I’m planning on selling the Aussie with a target of 0.6650.

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