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- AUD/USD to move back down towards 0.69 – Westpac
AUD/USD to move back down towards 0.69 – Westpac
The aussie has fallen against all but the kiwi in the G10 so far this year. And with March set for lift-off from the Fed, economists expect to see some further weakness versus the USD, driving the AUD/USD towards the 0.69 level.
AUD/USD rallies to stall at 0.72
“US inflation at 7% and unemployment at 4% have markets pricing a risk of a 50bp Fed hike in March. This should underpin the US dollar despite occasional wobbles, helping cap AUD/USD rallies around 0.72.”
“While 10yr AU-US yields spreads are range-bound, the 2yr continues to trend in the US dollar’s favour.”
“A strong US dollar, somewhat dovish RBA and skittish equities suggest multi-week risks for a return to the 0.69 handle or (briefly) lower, but the aussie should be on more solid footing in Q2.”
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