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9 Jul 2015
AUD/USD to test 0.7200 by year-end – Westpac
FXStreet (Edinburgh) - Strategist Robert Rennie at Westpac sees the pair heading towards the 0.7200 mark by December.
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”.