8 May 2015
AUD/USD support at 0.7800 expected to hold – OCBC
FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank, comments on the RBA’s quarterly monetary policy statement, and further expects AUD/USD to remain above 0.7800.
Key Quotes
“The RBA’s Quarterly Monetary Policy Statement released this morning offered no confirmation of a definite end to the central bank’s easing bias with a reduction in its inflation forecasts. However, the outlook was perceived to be slightly more sanguine, although this was balanced by the reiteration that “Further depreciation of the exchange rate seems both likely and necessary”.”
“Meanwhile, the disappointing China trade numbers this morning may also keep the pair heavy into the US labor market report tonight. Nonetheless, expect 0.7800 to hold pending further cues.”
Key Quotes
“The RBA’s Quarterly Monetary Policy Statement released this morning offered no confirmation of a definite end to the central bank’s easing bias with a reduction in its inflation forecasts. However, the outlook was perceived to be slightly more sanguine, although this was balanced by the reiteration that “Further depreciation of the exchange rate seems both likely and necessary”.”
“Meanwhile, the disappointing China trade numbers this morning may also keep the pair heavy into the US labor market report tonight. Nonetheless, expect 0.7800 to hold pending further cues.”