7 Jun 2013
Flash: AUD forecasts revised lower - NAB
FXstreet.com (London) - Global research at NAB have said that price action since Monday’s AUD bounce convinces them to revise their AUD forecasts lower; support from downside US data surprises likely to prove ephemeral.
They say that higher FX volatility kills the carry attractions of AUD and short positioning and likelihood of support holding in the 0.94 area (at least temporarily) leads them to expect recent losses to be consolidated not extended. Rising US (real) yield backdrop to drive ‘fair value' lower and is key to their new lower forecast track.
They say that higher FX volatility kills the carry attractions of AUD and short positioning and likelihood of support holding in the 0.94 area (at least temporarily) leads them to expect recent losses to be consolidated not extended. Rising US (real) yield backdrop to drive ‘fair value' lower and is key to their new lower forecast track.