Forex Flash: Short the AUD, one of our top trade recommendations - Goldman Sachs (Barcelona) - Goldman Sach Global ECS Research Team expects the Aussie to depreciate through 2013, arguing that "the mining investment cycle is set to peak in 2013, and the non-mining sectors remain weak", both factors being negative for the currency's potential inflows. Moreover, "the RBA is likely to need to ease monetary policy to bolster the economy, and the external balance is set to weaken further" says Goldman Sachs.

Goldman Sachs adds: "We believe the continuing attractiveness of the carry on Australian assets has sheltered the AUD from its deteriorating fundamentals, however further easing from the RBA should help to erode the carry from the AUD, likely causing the currency to weaken. This is one of the reasons we have decided to short the AUD as one of our Top Trade recommendations."