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28 Jul 2015
AUD/USD to visit 0.72 by year-end – Westpac
FXStreet (Edinburgh) - In the view of strategists at Westpac, the pair could drop further towards the 0.7200 handle in the last part of the year.
Key Quotes
“The commodity price situation remains unhelpful for the AUD with copper trading around $5200, gold $1100 and Brent crude sub $55”.
“The combination of poor China PMI on Friday and intense weakness in Chinese equities is the same”.
“But it is noteworthy that the iron ore and steel complex in China is hardly exhibiting signs of panic here”.
“If anything the trend weakening seen through April, May and June is showing signs of stabilising. We remain of the view that AUD is headed to 0.72 by year end, and that we may see a period of weakness with Aussie dipping below 0.72”.
Key Quotes
“The commodity price situation remains unhelpful for the AUD with copper trading around $5200, gold $1100 and Brent crude sub $55”.
“The combination of poor China PMI on Friday and intense weakness in Chinese equities is the same”.
“But it is noteworthy that the iron ore and steel complex in China is hardly exhibiting signs of panic here”.
“If anything the trend weakening seen through April, May and June is showing signs of stabilising. We remain of the view that AUD is headed to 0.72 by year end, and that we may see a period of weakness with Aussie dipping below 0.72”.