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Sep 27 - 09:55 AM

AUD/USD: Still Looks Cheap N-Term; 'Freedom Day’ Approaches In Australia - Credit Agricole

By eFXdata  —  Sep 27 - 08:48 AM

Credit Agricole CIB Research discusses AUD outlook and sees a scope for near-term upside.

"According to the FAST FX model, AUD/USD remains cheap. The exchange rate’s short-term fair value has declined modestly, from 0.7646 to 0.7631," CACIB notes. 

"In NSW, Australia’s most populous state, people who are fully vaccinated will be able to begin enjoying a more normal life once 70% of people over 16 years of age have been fully vaccinated. With 60.1% of over-16s already fully vaccinated, the 70% level is expected to be reached by 11 October...It looks increasingly likely that Australia’s great lockdown will end before Christmas. This is the expectation of the RBA, and so we will see the central bank further taper its asset purchases in February," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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