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Aug 27 - 12:55 PM

AUD: Still Vulnerable; Cost Of Holding Short AUD positions Now The Lowest In Years - ANZ

By eFXdata  —  Aug 27 - 11:30 AM

ANZ Research discusses AUD outlook and flags a scope for downside risk over the coming weeks.

"Signs of life in AUD and NZD this week are likely just the other side of some positioning re-adjustment in the USD. The cost of holding short AUD positions is now the lowest it’s been in years, and we suspect that the currency is being used as a hedge against a broader deterioration in the macro backdrop," ANZ notes. 

"The session performance chart shows that Asia-session traders are unconvinced that the AUD is a turn-around story, with the currency trading about2% below its performance in Europe and the US," ANZ adds. 

Source:
ANZ Research/Market Commentary

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