AUD/USD could bounce back higher towards 0.76 in H2 2022 – Westpac
|AUD/USD renews intraday low below 0.7250. Economists at Westpac still see some further weakness developing in the near-term but would use Q2 weakness as an opportunity to buy for strength later in the year.
Near-term gyrations could extend below 0.72
“Clearly, the extraordinary surge in energy and metals prices strengthens Australia’s already large trade surpluses. Lingering spec short positions also help insulate A$ from the dire headlines from Ukraine.”
“Still, the contrast between a wary RBA and an expected 3 Fed rate hikes by June should bolster USD and help cap AUD/USD multi-month.”
“Near-term gyrations could extend below 0.72 and our end-June forecast is 0.73, though rising once more in H2 2022 to 0.76.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.