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Nov 07 - 05:00 PM
G10: AUD/USD & AUD/NZD Could Rise On A Trade Deal; Short USD/CAD Only As A Strategic Trade - SocGen
First appeared on eFXplus on Nov 07 - 12:45 PM
Societe Generale Research discusses its views on AUD/USD, AUD/NZD, and USD/CAD. SocGen likes short USD/CAD as a strategic long-term trade.
 
"Of the trade-sensitive currencies, the most difficult one is the Australian dollar. This morning's Australian trade data posted another strong result, with strong exports taking he surplus up to AUD 7.18bn, close to the June highs. The currency has fallen by 13% in real effective terms over the last 5 years and exports have increased by 60% over the same period. Maybe the currency's cheapness is really beginning to have an impact," SocGen notes. 
 
"Certainly, if a trade deal is struck, there's upside to both AUD/USD and AUD/NZD from here. Short USD/CAD is a more strategic trade, and one we still like, but CAD is the best G10 currency this year and positioning might not be quite so friendly," SocGen adds. 
 
 
Source:
Société Générale Research/Market Commentary

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