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2 Mar 2015
AUD/USD near term upticks to fade around 0.7800 – OCBC
FXStreet (Barcelona) - Emmanuel Ng of OCBC Bank, shares the outlook for AUD/USD, with soft Australian data and Chinese monetary easing erasing the previous positive tone.
Key Quotes
“Australia’s AiG manufacturing index slumped to 45.4 in February from 49.0 the previous month and with another monetary easing out of China over the weekend, expectations for another rate cut by the RBA on Tuesday may continue to mount.”
“To this end, investors may choose to fade any near term upticks in the pair with 0.7800 seen as an interim junction, potentially neutralizing the hitherto supported tone in the pair earlier last week.”
Key Quotes
“Australia’s AiG manufacturing index slumped to 45.4 in February from 49.0 the previous month and with another monetary easing out of China over the weekend, expectations for another rate cut by the RBA on Tuesday may continue to mount.”
“To this end, investors may choose to fade any near term upticks in the pair with 0.7800 seen as an interim junction, potentially neutralizing the hitherto supported tone in the pair earlier last week.”