BNP Paribas remains short AUD via a long EURAUD trade via options.
"This is in line with STEER, signalling the short-term fair value for EURAUD currently stands at 1.5112. Net long AUD positioning has started to moderate according to BNPP FX Positioning Analysis falling to +3 this morning from +8 a week earlier – its largest long since November 2014. The RBA did not step up FX rhetoric at the March meeting, but with trade-weighted AUD up another 4% since then, Governor Stevens will get a chance to clarify the Bank’s message on Tuesday," BNPP notes.
