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Australian Dollar outlook for Tuesday - ANZ

FXStreet (Bali) - The ANZ Research Team shared their daily thoughts on the Australian Dollar outlook vs its major peers, following Monday's subdued price action, after a better-than-expected Chinese Q3 GDP headline number.

Key Quotes

AUD/USD: CHINA UNABLE TO BOOST… A stronger than expected China Q3 GDP was unable to drive a lasting reaction in AUD, with the AUD seemingly pegged to 0.7350 overnight. Today’s RBA Minutes are unlikely to provide too much direction either as the RBA’s tone was little changed in the last meeting. Expected range: 0.7170 – 0.7340

AUD/NZD: MILKING IT… For the NZD, tonight’s GDT auction doesn’t look like it will be the catalyst for further increases, with NZX futures declining since the last auction – but still implying a lift in prices. This will likely keep the cross stable. Expected range: 1.0620 – 1.0730

AUD/EUR: ECB… This cross had some marginal strength as markets continue to prepare for Thursday’s ECB meeting. Negative revisions to July construction output and weak August headlines also kept the EUR under pressure. Expected range: 0.6350 – 0.6480

AUD/JPY: RANGING… There was, and is, little to drive this cross, keeping it in a tight range. Expected range: 85.70 – 87.30

AUD/GBP: PEAKED… GBP found some strength last night as markets look to re-price prospects for rate hikes in the UK. This cross looks to have peaked. Expected range: 0.4640 – 0.4730

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