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- AUD/USD: Australia/US terms of trade still supporting the aussie – SocGen
AUD/USD: Australia/US terms of trade still supporting the aussie – SocGen
The Australian dollar is Thursday’s top currency. Kit Juckes, Chief Global FX Strategist at Société Générale, expects the aussie to strengthen as Australia’s terms of trade out-performance vs the US persists.
AUD also to outperform European currencies
“We warned at the end of July that August is often a tough month for AUD, and a good month for the dollar. In the event, AUD is only marginally weaker against the dollar than it was at the end of July, and it has done better than the yen (which is unusual for the time of year). However, our desire to get long AUD for the Autumn/|Winter is intact and AUD/USD is still below 0.70.”
“Australia’s terms of trade out-performance vs the US persists. The more the Chinese authorities do to stabilize the economy with fiscal measures, and the less they use a weaker currency to help, the better for the AUD.”
“We’re long-term bulls, vs the USD, but also against the European currencies.”
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