AUD lower for longer is the theme - Nomura

Analysts at Nomura explained that the relative AUD underperformance has been one of their key themes. 

Key Quotes:

"We think that the diverging monetary policy impulses, stemming from the RBA’s patient approach and normalisation steps by other central banks, combined with a bias for Australian-centric commodity prices to move lower, should keep this trend in place for a while longer, particularly in crosses such as EUR/AUD."

"While the negative Australia-US short-term interest rate differentials have historically been associated with a much lower AUD/USD, the prevailing global backdrop is now far different and the higher Australian’s terms of trade has lifted the currencies equilibrium value."