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16 Mar 2015
AUD/USD forecast: 0.72 by year-end - ANZ
FXStreet (Barcelona) - Richard Yetsenga of ANZ, remains structurally bearish on AUD/USD, anticipating it to head towards 0.72 by year end.
Key Quotes
“The AUD has begun to shift to a new range. The previous consolidation zone around USD0.78 has been broken with a move below USD0.76 over the past week.”
“This recent decline has been driven more by global factors than domestic.”
“The RBA's public statements have been more consistent with a glass half full view of the world, and there has been strong offshore demand for Australian fixed income. In fact, anecdotes suggest demand for higher yielding Australian bonds, such as those issued in Australia by multilateral institutions (particularly from Europe), has continued to gather momentum.”
“We have revised our AUD/USD forecasts lower, targeting 0.72 at year-end.”
“This week global factors will dominate again, albeit with the RBA Minutes likely to support expectations of further easing.”
Key Quotes
“The AUD has begun to shift to a new range. The previous consolidation zone around USD0.78 has been broken with a move below USD0.76 over the past week.”
“This recent decline has been driven more by global factors than domestic.”
“The RBA's public statements have been more consistent with a glass half full view of the world, and there has been strong offshore demand for Australian fixed income. In fact, anecdotes suggest demand for higher yielding Australian bonds, such as those issued in Australia by multilateral institutions (particularly from Europe), has continued to gather momentum.”
“We have revised our AUD/USD forecasts lower, targeting 0.72 at year-end.”
“This week global factors will dominate again, albeit with the RBA Minutes likely to support expectations of further easing.”