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- The commodity story remains super supportive for the AUD/USD – Westpac
The commodity story remains super supportive for the AUD/USD – Westpac
FXStreet reports that according to economists at Westpac, the reverberations from the FOMC keep a lid on the aussie, around say 0.7645, but support around 0.7500 looks solid given equity rebound and resilient commodities.
“Commodity prices have been choppy but overall remain very supportive for the aussie. Along with iron ore still above $200, prices are robust for both thermal and coking coal, plus LNG as oil keeps surging.”
“We are now projecting a higher profile for both US and Australian yields, but the rise in AU yields had the larger impact on our short-term fair value model. It is now in the mid-0.80s, versus spot in the mid-0.70s. Spot divergence from any fair value model of any currency is to be expected but it is hard to not see A$ higher multi-week/month.”
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