6 Aug 2015
AUD/USD range bound within 0.7250-0.7450 – Westpac
FXStreet (Edinburgh) - According to Strategist Sean Callow at Westpac, the near term outlook on the pair remains neutral, with the likeliness of range bound trading between 0.7250-0.7450.
Key Quotes
“The sharpest moves in AUD/USD over the past week were driven by (a) the weak US wages data and (b) the RBA’s switch to neutral language on AUD in its monthly statement”.
“These helped AUD/USD maintain a modest buff er above 0.7200. It is not clear that news flow will be so helpful to the Aussie in the week ahead, though at least the iron ore price squeeze could have further to run”.
“The US Jul NFP data looms large for AUD/USD, though the report has not been a game changer for a little while now”.
“We expect most trade to be captured within 0.7250-0.7450, with a neutral weekly bias but multi-week risks skewed lower”.
Key Quotes
“The sharpest moves in AUD/USD over the past week were driven by (a) the weak US wages data and (b) the RBA’s switch to neutral language on AUD in its monthly statement”.
“These helped AUD/USD maintain a modest buff er above 0.7200. It is not clear that news flow will be so helpful to the Aussie in the week ahead, though at least the iron ore price squeeze could have further to run”.
“The US Jul NFP data looms large for AUD/USD, though the report has not been a game changer for a little while now”.
“We expect most trade to be captured within 0.7250-0.7450, with a neutral weekly bias but multi-week risks skewed lower”.