22 Aug 2013
Flash: Short term bullish on AUD/NZD - ANZ
FXstreet.com (Barcelona) - According to Andrew Salter, FX Strategist at ANZ Research, there is a good opportunity to play a long position on AUD/NZD around current levels of 1.1482, targeting 1.1855 with a stop at 1.1220.
Key Quotes
"The coming FOMC tapering is testing the durability of economies in Asia that rely on easy money financing."
"A side effect of New Zealand’s macro-prudential measures introduced this week is to discourage capital inflows, meaning policymakers there are actually working in the same direction as the FOMC, and doubling-up the downward pressure on the NZD within the broader context of Asian financial market stress."
Key Quotes
"The coming FOMC tapering is testing the durability of economies in Asia that rely on easy money financing."
"A side effect of New Zealand’s macro-prudential measures introduced this week is to discourage capital inflows, meaning policymakers there are actually working in the same direction as the FOMC, and doubling-up the downward pressure on the NZD within the broader context of Asian financial market stress."