Citi on the Australian dollar
Citi flags a margin for the AUD to weaken in the short term but remain structurally bullish on the currency until the end of the year.
“Taking a closer look at the development of the AUD, ABC News reported that China
has banned imports from certain Australian abattoirs – note, however, that
they have not yet been officially struck off or have lost their license. This
comes just days after China announced plans to introduce an 80% tariff on
Market discussion on potential rates
imposed on barley exports to China is a beard of retaliation
firm position that the Australian government has taken to hold the one who is
responsible for this Covid outbreak. look at this
ramp up as we also seek to redistribute the supply chain away from China,
these are the embryonic stages of the end of Australia’s dependence on
China for economic growth (alone) “, notes Citi.
“CitiFX Technicals notes Monday’s AUD close below 0.6493 suggests 0.6373.6379 may be retested“, Adds Citi.
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