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6 Jun 2014
AUD/USD: 0.92 looks to be increasingly solid - Westpac
FXStreet (Bali) - Westpac Global Strategy Group shared their thoughts on the AUD, noting that 0.92 is looking an increasingly solid area of support.
Key Quotes
"AUD/USD should emerge from the week steady to a touch higher."
"First up, USD should be undermined by payrolls data. Gov Stevens’ speech (next Monday) will be watched for any new AUD comment, following the June statement’s reference to AUD diverging from “the further decline in commodity prices.”
"We agree on this divergence. But without an explicit reference to a return of the easing bias, it is hard to see AUD suffering much damage from such a discussion."
"Meanwhile, domestic data should not encourage markets already pricing -5bp from the cash rate by Nov. AUD/USD 0.92 looks to be increasingly solid, with 0.9300 a more likely pivot point on the week."
Key Quotes
"AUD/USD should emerge from the week steady to a touch higher."
"First up, USD should be undermined by payrolls data. Gov Stevens’ speech (next Monday) will be watched for any new AUD comment, following the June statement’s reference to AUD diverging from “the further decline in commodity prices.”
"We agree on this divergence. But without an explicit reference to a return of the easing bias, it is hard to see AUD suffering much damage from such a discussion."
"Meanwhile, domestic data should not encourage markets already pricing -5bp from the cash rate by Nov. AUD/USD 0.92 looks to be increasingly solid, with 0.9300 a more likely pivot point on the week."