4 Sep 2013
Flash: Do not expect much upside on AUD/USD beyond 0.9075 - Westpac
FXstreet.com (Barcelona) - After all the partial inputs released last week, Westpac expects Australia’s Q2 GDP at 0.6% q/q, 2.6% y/y, noting, "this is slightly above consensus of 0.5%, with a range of 0.2% to 0.7%."
Westpac also said: "This sub-trend growth pace seems likely to continue over H2, keeping the RBA on an easing bias", adding that "market pricing has been trimmed from -24bp pre-statement to -20bp but we doubt it will move much further given ongoing soft data momentum including rising unemployment."
According to Sean Callow, FX Strategist at the Bank, "We doubt there is much further upside beyond say 0.9075 today, with tension over Syria persisting and Australia’s GDP data today unlikely to change the picture of stub-trend growth."
Westpac also said: "This sub-trend growth pace seems likely to continue over H2, keeping the RBA on an easing bias", adding that "market pricing has been trimmed from -24bp pre-statement to -20bp but we doubt it will move much further given ongoing soft data momentum including rising unemployment."
According to Sean Callow, FX Strategist at the Bank, "We doubt there is much further upside beyond say 0.9075 today, with tension over Syria persisting and Australia’s GDP data today unlikely to change the picture of stub-trend growth."