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Aug 19 - 09:55 AM

AUD: A Downward-Sloping Forecast Profile For AUD/USD - Danske

By eFXdata  —  Aug 19 - 09:10 AM

Danske Research discusses AUD outlook and maintains a bearish bias targeting 0.67 in 6-months and 0.65 in 12-months.

While we expect the Reserve Bank of Australia to continue hiking rates after the 50bp hike in the August meeting, the weakening economic growth forces it to take a more meeting-by-meeting approach going forward. Market is already aggressively priced, and thus we do not expect relative rates to provide much support for AUD/USD," Danske notes.

"The recent easing in global financial conditions due to rising recession risks has provided moderate support for AUD. That being said, we believe Fed will have to continue hiking rates aggressively, which will ultimately weigh on global growth. Environment of tightening financial conditions and slowing growth is negative for commodity currencies, and we maintain a downward-sloping forecast profile for AUD/USD," Danske adds. 

Danske Research/Market Commentary


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