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AUD/USD neutral in the upcoming week – Westpac

FXStreet (Edinburgh) - Sean Callow, Strategist at Westpac, sees a neutral perspective for the spot in the very near term.

Key Quotes

“The RBA seems to be in “wait and see” mode so Tue’s statement should be quite neutral, ahead of widely flagged growth forecast downgrades in the 7 Aug SoMP”.

“Australia’s key commodity prices remain close to multi-year lows but are at least seeing more two-way price action and leave AUD fair value at roughly 0.73-0.75”.

“China’s economy continues to generate investor unease but offi cials hint that growth will not be allowed to slow much further”.

“A spec market holding its largest net short position since April should generate some AUD demand, leaving us neutral on the week.”

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