The $US has quietly rallied to fresh 2021 highs however when we look at the cross rates from the $A to the Pound the 4% bounce feels like its running out of steam and we wouldn’t be chasing current strength.
MM remains bearish the $US medium-term – just!
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The $A continues to rotate within our expected 76c – 81c range hence by definition we are bullish short-term with the local currency trading towards the lower end of the range.
MM remains mildly bullish the Australian Dollar.
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