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AUD/USD eyes 0.7400 in 1-month view – Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    According to strategists at Westpac, the Aussie dollar could slip towards the 0.7400 handle in a month’s time.

    Key Quotes

    “AUD’s March surge has finally faltered, 0.7600 not quite giving way and commodity prices losing steam”.

    “With global risk sentiment still broadly positive, we wouldn’t rule out a final run at 0.7650 in the week ahead, but it will probably have to happen soon”.

    “Australia's Feb employment data (Thu) should not be too troublesome, though we see the unemployment rate ticking up to 6.1%, a touch above consensus. Pricing for RBA easing near term is likely to remain modest but not trivial, with an understandable increase in talk about excessive AUD strength”.

    “The FOMC should be sufficiently upbeat to solidify USD, adding to the case for 0.7600 to cap. But the main wild card should be commodities – how much more of the early March surge will iron ore surrender? Look for wide ranges near term, say 0.7400-0.7600/50, but back to 0.74 on 1 month view”.
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