The “Aussie” has weakened noticeably over the last 2-months in line with risk assets, a very common correlation. While it has slowly lost its tailwind from soaring commodity prices it’s the surging $US that has largely dictated the local currencies path. When we consider our short-term stance towards both commodities and the $US it’s now hard to become particularly excited towards the $A in the 70c region although our longer term outlook remains encouraging.
MM is now neutral the $A
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