The “Aussie” has punched down toward its multi-year lows this morning following the tariff announcements and obvious ramifications that could follow, especially with regard to China. Markets will be second-guessing the implications of tariffs although they’ve had plenty of time to prepare: our main view this week is heroes will be thin on the ground and investors will adopt an if in doubt stay out approach toward risk assets e.g. Bitcoin has traded down ~4% with a “cash is king” feel about this morning’s initial trade.
- We can see a test of 60c by the $A this FY but for the traders, the “easy money” on the downside is behind us.
MM is cautiously bearish on the $A
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