“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.
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