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Aug 27 - 06:55 PM

AUD: Store-Of-Value Appeal Unlikely To Wane Anytime Soon; US Elections Key Risk - Credit Agricole

By eFXdata  —  Aug 27 - 03:00 PM

Credit Agricole CIB Research discusses AUD outlook and targets AUD/USD at 0.71 by end of Q3 and at 0.72 by year-end.

"RBA Governor Philip Lowe’s pledge to not take rates into negative territory in a world of negative interest rates has generated a ‘store-of-value’ appeal for Australian government bonds (AGBs). This appeal is unlikely to wane anytime soon," CACIB notes. 

Investors assume a V-shaped recovery in the global economy: optimism on the global recovery will remain a support for AUD/USD. The run-up to the US presidential election, as Senator Joe Biden and President Donald Trump vie to sound the toughest on China, could present a challenge for the AUD. If President Trump is reelected, the rally in the USD would weaken AUD/USD,' CACIB adds.

Crédit Agricole Research/Market Commentary


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