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Dark clouds loom for the comm-bloc – Rabobank

FXStreet (Edinburgh) - Senior Currency Strategist Jane Foley at Rabobank, assessed the prospects for the commodity-bloc currencies.

Key Quotes

“Since the start of this month Chinese production data, retail sales, FDI and import data have all disappointed. The 6% fall in the value of AUD/USD since early September demonstrates the sensitivity of the AUD to news regarding the Chinese economy”.

“The weakness of commodity prices inevitably casts a cloud over the outlook for all the commodities currencies. The latest Rabobank New Zealand rural confidence survey shows that plunging dairy prices has knocked confidence back to 2 year lows”.

“The Canadian economy is well positioned to benefit from the improvement in US growth”.

“We expect USD/CAD to remain in a USD/CAD1.11 to 1.09 range on a 3 mth view. Beyond our initial target of AUD/USD 0.88 we see scope for a fall to 0.86. We a forecasting a drop towards NZD/USD 0.78 medium-term”.

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