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AUD weighed on by two factors – Westpac

FXStreet (Guatemala) - Sean Callow, analyst at Westpac Banking Corporation ABN explained that the AUD should remain under pressure against GBP near term, to test 0.53 / 1.89.

Key Quotes:

“Commodity prices and China’s deceleration should continue to weigh on AUD for now”.

“Multi-week however, Australia’s fairly stable domestic outlook (RBA firmly on hold and indeed focused on housing market strength) plus potential stabilization in commodities should help AUD recoup some lost ground, to say AUD/GBP 0.5450-0.5500 or GBP/AUD 1.82-1.83”.

“The pound meanwhile should be hampered by mixed UK data which is not arguing for an early BoE rate hike”.

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