AUD: 0.75 is a big psychological level to clear - ING
|Analysts at ING suggest that high-beta currencies have come under pressure as the combination of a shaky global risk environment and an adjustment in positioning has weighed and attribute less of the AUD's decline to local factors - noting that the labour market data last week was fairly mixed (strong full-time jobs growth was offset by disappointing wage inflation).
Key Quotes
“Equally, iron ore prices have remained relatively stable around the $60/tonne mark - in line with our commodity analysts' views.”
“Looking ahead, 3Q construction work (Wed) done will feed through in 3Q GDP estimates (Dec 6); after the huge 2Q upside surprise, consensus is looking for a more muted -2.3% QoQ print. AUD/USD 0.75 is a big psychological level to clear and only a further deterioration in global risk would take us below here.”
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