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13 Mar 2015
AUD/USD eyeing 0.75 over 1-m – Westpac
FXStreet (Barcelona) - Sean Callow of Westpac, shares the key event risks and bias for AUD/USD for the week ahead, targeting 0.75 levels over a 1-month view.
Key Quotes
“Event risk: The minutes from the RBA’s Mar meeting are the highlight (Tue), along with a speech by RBA’s Debelle (Mon). There is very little of note on the data calendar.”
“Bias: AUD/USD has been jolted from its orbit around 0.78 by the USD surge since the Feb US jobs data. The FOMC should help consolidate USD bullishness while Australia’s calendar offers little distraction.”
“New multi-year lows on key commodity prices and not coincidental soft China IP growth in Jan-Feb add to the background gloom for AUD.”
“Still, with AUD arguably not far above fair value, we are reluctant to be too aggressive on AUD/USD downside targets, eyeing 0.75 over one month, capped around 0.77 on the week.”
Key Quotes
“Event risk: The minutes from the RBA’s Mar meeting are the highlight (Tue), along with a speech by RBA’s Debelle (Mon). There is very little of note on the data calendar.”
“Bias: AUD/USD has been jolted from its orbit around 0.78 by the USD surge since the Feb US jobs data. The FOMC should help consolidate USD bullishness while Australia’s calendar offers little distraction.”
“New multi-year lows on key commodity prices and not coincidental soft China IP growth in Jan-Feb add to the background gloom for AUD.”
“Still, with AUD arguably not far above fair value, we are reluctant to be too aggressive on AUD/USD downside targets, eyeing 0.75 over one month, capped around 0.77 on the week.”