The Aussie is the perfect proxy for global growth as our economy is so dependent on the Resources Sector e.g. In Q2 iron ore alone made up over 40% of Australia’s merchandise exports. Not surprisingly the $A has corrected over 10% in recent months but we are now looking for an important low in the coming month (s) before a rally towards ~90c, a call in line with our reflation outlook.
MM is bearish the AUD short-term
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