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AUD/USD neutral in the near term – Westpac

FXStreet (Edinburgh) - Sean Callow, Strategist at Westpac, sees the outlook for the Aussie dollar as neutral in the short term.

Key Quotes

“Australia’s Oct jobs surge returned AUD/USD to the 0.7150 area that prevailed before the US’s own pleasant surprise on employment”.

“So the wide range probably hasn’t changed much, say 0.70-0.73”.

“Neither the outlook for the Fed nor that for the RBA should change greatly in the week ahead, playing neutral for AUD”.

“A strong inbound M&A pipeline to Australia provides some insulation for AUD/USD multiweek”.

“But China continues to provide fuel for AUD bears to bet against the RBA’s optimism, with Oct IP reinforcing the softness in iron ore and coal prices”.

“Our overall bias is to sell rallies to the mid-0.72 area but we are neutral on the week”.

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