FXstreet.com (Barcelona) - The Aussie dollar continues its relentless albeit slowly upside on Thursday after today’s mixed domestic data, hovering over 1.0430 and printing fresh session highs at the same time.
“Technically, AUD looks poised for further weakness and could face a temporary test down to the December low of 1.0329, however we are bullish over the medium term, as we do not expect an interest rate cut by the RBA, we expect China’s growth to support the Australian economy and we believe that once the current negative AUD flows ease, the currency will be poised for gains. Accordingly, we hold a year‐end forecast of 1.08”, suggests Camilla Sutton, Chief Currency Strategist at Scotiabank.
“Technically, AUD looks poised for further weakness and could face a temporary test down to the December low of 1.0329, however we are bullish over the medium term, as we do not expect an interest rate cut by the RBA, we expect China’s growth to support the Australian economy and we believe that once the current negative AUD flows ease, the currency will be poised for gains. Accordingly, we hold a year‐end forecast of 1.08”, suggests Camilla Sutton, Chief Currency Strategist at Scotiabank.
