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Veksler: How to trade the mighty Aussie
The Australian dollar has surged past its highest level in 2014. This comes as the Reserve Bank of Australia's (RBA) decides to keep the official interest rate on hold at 2.5 percent for a tenth consecutive month.
Australian trader Ken Veksler, currently based in London, explains that whilst the rate decision was widely anticipated, there were other factors that have sent the Aussie even higher, notably the lack of a dovish commentary which most traders were expecting.
He adds that some may be pricing in a rate hike as early as the end of this year but he doesn't think that will be the case, mainly because the Australian economy is looking "pretty healthy".
On the technical side, Ken says the 95 area should be met with sellers, and 95.30 is a large technical point looking for the Aussie. He will contemplate looking for a potential return to 93.5 but thinks that to get that low will be "very hard".
02:22 minutes
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