FXstreet.com (Sydney) - The Aussie opened at 0.89 and has risen to trade at 0.9085. Any further price movement is pending on a major event later in the day. While the running of the 149th Melbourne cup is eagerly anticipated by all Australians, it is an announcement by the Reserve Bank on interest rates that will also stop the nation. The RBA is expecting to raise interest rates by 25 basis points.

If the RBA fails to raise interest rates this may trigger a sell off in the OZ as this would be a sign that the economy is not as strong as many suspected and fiscal support is further required.