Back
5 Aug 2013
Flash: AUD/USD remains on slippery slope - OCBC Bank
FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that AUD/USD remains on a slippery slope and is expected to remain under pressure ahead of this weeks RBA meet, with markets expecting a rate cut.
Key Quotes
“On the CFTC front, note that net speculative AUD shorts also deepened further in the latest week.”
“This morning, the July AiG services index also disappointed markedly while weekend election news flow (elections called for 7 September 13) has hardly registered on the screens.”
“This morning, June retail sales numbers came in on the wrong side of expectations and saw the AUD-USD stumble slightly.”
“The pair remains south of the 89.00 level and we note that significant support is not expected to materialize till 0.8770 if sentiment continues to sour.”
Key Quotes
“On the CFTC front, note that net speculative AUD shorts also deepened further in the latest week.”
“This morning, the July AiG services index also disappointed markedly while weekend election news flow (elections called for 7 September 13) has hardly registered on the screens.”
“This morning, June retail sales numbers came in on the wrong side of expectations and saw the AUD-USD stumble slightly.”
“The pair remains south of the 89.00 level and we note that significant support is not expected to materialize till 0.8770 if sentiment continues to sour.”