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AUD/USD neutral in the near-term – Westpac

FXStreet (Edinburgh) - The outlook on the Aussie dollar in the near term remains tilted to the neutral side, according to Strategist Sean Callow at Westpac.

Key Quotes

“The RBA’s steady hand and optimism on growth should support AUD on crosses for some time, even if low inflation leaves the rate cut option on the table”.

“Our preferred plays are AUD/EUR and AUD/NZD given the ECB’s dovish tone into the Dec meeting and an RBNZ cut next month only 50% priced”.

“Upside on all AUD pairs will be constrained by China’s sluggish data momentum and iron ore prices below $50/tonne”.

AUD/USD should trade mostly 0.7050 - 0.7290/0.7300, with a fi rm US dollar keeping a lid on the Aussie, for a neutral weekly bias”.

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