9 Jul 2014
AUD/USD: Undefined direction prevails - OCBC
FXStreet (Bali) - Emmanuel Ng, FX Strategist at OCBC Bank, notes that AUD/USD may continue to hover around the 0.9400 near term.
Key Quotes
"The AUD-USD may continue to loiter around the 0.9400 neighborhood after firming on the back of a weak dollar overnight. This lull may not last with the FOMC minutes later today while aussie June labor markets are also due tomorrow and China data hits the screens in the latter half of the week."
"Look for the pair to bounce around in a 0.9340-0.9450 range in the interim. On other fronts, the NZD may continue to see support after the RBNZ revises its projected estimate for potential GDP to 2.8% in 2015 from 2.50% previously. To this end, stay heavy on the AUD-NZD."
Key Quotes
"The AUD-USD may continue to loiter around the 0.9400 neighborhood after firming on the back of a weak dollar overnight. This lull may not last with the FOMC minutes later today while aussie June labor markets are also due tomorrow and China data hits the screens in the latter half of the week."
"Look for the pair to bounce around in a 0.9340-0.9450 range in the interim. On other fronts, the NZD may continue to see support after the RBNZ revises its projected estimate for potential GDP to 2.8% in 2015 from 2.50% previously. To this end, stay heavy on the AUD-NZD."