FXStreet (Edinburgh) – Occasional pullbacks in the Aussie dollar could be buying opportunities, suggested Emmanuel Ng, FX Strategist at OCBC Bank.
Key Quotes
“The RBA noted that previous rate cuts continued to be supportive of aggregate demand, which was also being supported by the AUD’s fall”.
“In addition, the minutes also noted further evidence of re-balancing towards non-mining activity and that the labor market had strengthened better than previously expected”.
“Overall, expect the AUD to garner marginal confidence (preference to collect on dips) against the USD in the short term with supports expected into the lower regions of 0.7200”.
(Market News Provided by FXstreet)