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AUD/USD carry supported by ECB moves - Rabobank

FXStreet (Guatemala) - Jane Foley, Senior Currency Strategist at Rabobank, explained that the ECB is supporting the carry trades.

Key Quotes:

“The decision by the ECB this month to push its discount rate further into negative territory increased talk that the EUR would increasingly be used as a funding currency for carry trades”.

“Clearly expectations that the Fed could soon adopt slightly more hawkish rhetoric are directing flows into the USD”.

“However, benign US wage and inflation data suggest that Yellen may maintain her dovish position for longer than the market expects; we do not expect a rise in the Fed funds rate until the end of next year”.

“Risk that the Fed is not as hawkish as expected this week could cause AUD/USD to scuttle back to the 200 day sma near 0.9180”.

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