AUD/USD: A Selling Opportunity

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AUD/USD: A Selling Opportunity

Strategists at Westpac Bank view the current state of the Australian dollar after Lowe's speech as a selling opportunity, given the signs of lower demand for commodities.

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“The key point in Lowe’s speech on Wednesday was that the RBA currently expects the impact to be temporary, if significant, and that growth will recover toward the end of the year on stimulus efforts.”

"Our views are more cautious with the revised growth forecast of just 1.9% (versus RBA at 2.75%) for the year ending 2020 versus 2.1% previously."

“The Australian dollar must remain sensitive to the upcoming signs of lower demand for commodities that we will inevitably see.”

“We took profits on the AUD short from 0.6950 on the low through 0.6700 last week. While the US dollar may rally higher in the near term given Lowe's guidance that they are taking a “long view” on the impact of bushfires and the coronavirus, we doubt we will see significant strength above 0.68.”

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