Mr. Galy adds: "AUD like most high yielders or safe havens is expensive and overbought. Without a bearish trigger, it is simply not yet correcting. If we do get a positive surprise we will break to the upside. This is not the central scenario. The most likely outcome is some disappointment as a high AUD does its damage to the economy, but a setback is likely to be somewhat contained in an environment that is generally risk supportive."
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