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May 23 - 12:55 PM

AUD: Remains Absurdly Undervalue; Time To Consider Building Strategic AUD Long Vs USD - SocGen

By eFXdata  —  May 23 - 12:00 PM
Societe Genearle Research likes considering structural AUD/USD longs on a long-term basis. 
 
"CFTC data show the net long USD position held by non-commercial accounts fall marginally in the week to last Tuesday, as euro longs grew, sterling and yen shorts shrank," SocGen notes.
 
"The election didn’t deliver a particularly currency-friendly outcome but it did deliver AN outcome and that reduces uncertainty. Meanwhile, the AUD remains absurdly undervalued. It's the one currency that is worth starting to build a strategic long against the dollar in,"SocGen adds. 
Source:
Société Générale Research/Market Commentary

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