AUD: 0.75 is a big psychological level to clear - ING

Sandeep Kanihama FXStreet Contributor

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.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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