10 Jul 2015
AUD/USD: maintaining a negative bias – Westpac
FXStreet (Barcelona) - Robert Rennie of Westpac, maintains a negative outlook on AUD/USD, and explains the reasons behind Westpac’s bearish forecast of 0.72 by year-end for the pair.
Key Quotes
“We argued last week that AUD was ready to descend and that a drop to 0.73 by September and 0.72 by December was likely. The factors that would take it there were weak commodity prices; weak terms of trade; questions over China; reduced foreign demand; and the approach of FOMC lift off . All those are present to varying degrees right now and we stick with a negative bias for the week ahead.”
Key Quotes
“We argued last week that AUD was ready to descend and that a drop to 0.73 by September and 0.72 by December was likely. The factors that would take it there were weak commodity prices; weak terms of trade; questions over China; reduced foreign demand; and the approach of FOMC lift off . All those are present to varying degrees right now and we stick with a negative bias for the week ahead.”