AUD/USD: Looking to chase Aussie lower from current levels – Credit Suisse

Economists at Credit Suisse do not look to chase AUD/USD lower from current levels.

Fade, don’t chase

Ahead of the Jun jobs data, out on Thursday, and of next week’s Q2 CPI release, and with markets pricing in little risk of an RBA hike on 1 Aug, we do not look to chase AUD/USD lower from current levels, even if our end-Q3 0.6600 target is below current spot. 

We prefer to fade data-driven spikes closer to the top end of our Q3 target range at 0.6900, targeting 0.6600.