FXstreet.com (Barcelona) - In view of NAB strategists, "in a world where investors are less desirous of adding to their stock of AAA-rated government bonds, then this removes a key source of support for the AUD, particularly evident since mid-2011."

NAB adds: "If the factors driving global investors into AUD bonds on credit grounds have now gone into abeyance, then AUD might now been expected to track closer to its fair value estimates, but if this is the case, it also cautions against getting too bearish on the AUD here since our models continue to estimate fair value at above parity, currently near 1.02."