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- AUD/USD to struggle at the 0.70 handle - Westpac
AUD/USD to struggle at the 0.70 handle - Westpac
FXStreet reports that the AUD/USD pair should continue to struggle with 0.70 handle as today is consolidating the renewed upside around 0.6985 zone, up 0.10% on a day, though downside is limited by bounce in iron ore prices, lukewarm US dollar tone and equity resilience, economists at Westpac apprise.
“The domestic outlook surely doesn’t argue for further A$ gains, with Victoria’s Covid-19 resurgence prompting a return to lockdown in Melbourne for 6 weeks. This will damage both Victoria’s economy and other states as interstate tourism falters again and consumer confidence is shaken.”
“Renewed strength in key commodity prices, with iron ore around $106/tonne, and global equities resilient despite the US’s coronavirus surge adds to the case for A$ resilience. But the aussie would still be pricey above 0.70, with risk/reward suggesting selling into the 0.70 handle on a multi-week view.”
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