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AUD/USD will hinge on USD events short term- Westpac

FXStreet (Edinburgh) - Sean Callow, Analyst at Westpac Global Strategy Group, sees the performance of the greenback will be the main driver of the price action in the AUD/USD.

Key Quotes

“Ahead of the capex data, AUD/USD is likely to be driven by the USD mood post-Jackson Hole, with further guidance for USD from various US data, albeit not the top tier releases of early Sep”.

“The improved USD mood has been the story of this week. USD has reached 4 monthhighs vs JPY, 4 month highs vs GBP, 5 month highs vs NZD and 11 month highs vs EUR. In contrast, AUD/USD remains in very familiar territory, so long as 0.9200 holds”.

“The Aussie’s resilience amid broad USD gains is probably mostly due to its ongoing role as the highest yielding AAA sovereign in a world of super-low yields”.

“But we agree with Governor Stevens that there are real risks of a significant fall, whether gradual or the more traditional sharp drop”.

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