AUD/USD points to 0.79 by year-end – Scotiabank
FX Strategist at Scotiabank Eric Theoret gave his views on the Aussie Dollar, expecting it to move to the 0.7900 handle vs. the greenback in the near term.
“AUD has seen three consecutive months of weakness and is entering November just above its multi-month low from late October”.
“Iron prices are weak and interest rate differentials are a headwind. Speculative bullish AUD positioning is extended and bulls appear to be liquidating their longs”.
“Seasonal trends are typically bearish and AUD appears vulnerable. We have a muted AUD forecast with a year-end 2017 target of 0.79”.