TD on the Australian dollar
TD Research maintains a bearish bias on the AUD, expressing this by holding a short AUD / USD exposure targeting a movement towards 0.6175 (spot at 0.6600).
“Risk appetite starts the week on a solid foundation as
the global economy may be starting to show signs of recovery. This backdrop
has put the USD on the defensive, but has had a decent run in recent
weeks. Despite this, the bond market does not really buy
sudden burst of enthusiasm. We generally agree with this assessment of the
underlying state of the global economy, “notes TD
“Our skeptical attitude towards this rebound in risk continues to focus on AUD.
With the persistent correlation of AUDUSD with global equities, we believe that everything
we will also see a correction on the foreign exchange market, ”adds TD.
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