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Feb 01 - 10:55 AM

AUD: Selling Interest Rises; Staying Short - Credit Agricole

By eFXdata  —  Feb 01 - 09:30 AM

Credit Agricole CIB Research discusses AUD outlook from positioning front. CACIB maintains a short AUD/USD exposure in spot targeting a move towards 0.74.

"According to our FX positioning gauge, the AUD was sold for most of the last week with downside being primarily driven by increased selling interest from speculative oriented investors such as hedge funds...Our positioning based model turns neutral on the currency," CACIB notes. 

"However, depending on external factors such as risk sentiment, downside risks remain intact. Hence, we keep a cautious stance which remains reflected in our fundamentally driven short AUD/USD trade recommendation," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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