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Nov 02 - 02:55 PM

AUD: RBA's Updated Forecasts On Friday May Trigger A Correction Up In AUD/USD - ING

By eFXdata  —  Nov 02 - 01:30 PM

ING Research maintains a tactical bullish bias on AUD/USD.

"The RBA scrapped its 10bp target on the April 2024 bond overnight, a move that was fully priced in by the rate market. We think it may have been the market itself – with its speculative bearish bets on short-end rates – that forced the RBA to drop YCC, hence it was no surprise to see the Bank push back on rate expectations that saw 80bp of tightening in the next 12 months right before the meeting," ING notes. 

"We think short-term risks are skewed to the upside for AUD and the RBA’s updated forecasts due on Friday might be the trigger for a correction up in AUD/USD," ING adds. 

Source:
ING Research/Market Commentary

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