FXStreet (Barcelona) – The Research Team at Credit Agricole, suggests selling any AUD rallies into Thursday’s employment data release, as noted by eFXnews.
Key Quotes
“The statement was little changed from June. There was some speculation that RBA may re-introduce a more explicit guidance to further easing similar to the April statement. This did not materialize so there was a small bounce in the AUD as some market shorts squared up.”
“Looking ahead, the focus turns to Thursday’s employment data, which may well disappoint.”
“From that angle it cannot be excluded that the market will start pricing in additional rate cuts anew. Hence we remain of the view that AUD rallies should be sold.”
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