UBS strategist speaks in Bloomberg TV interview
- strengthening AUD does not reflect underlying fundamentals
- the current strength is motivated by wrong reasons
- does not really reflect the strength of the underlying national fundamentals
- if the current force continues, the RBA can act
Note that the RBA said little about currency strength in Lowe’s statement yesterday.
So via UBS, but an overnight note – say
- RBA … somewhat optimistic statement in tone
- continue to drive down purchases overall
- 0.6920 … next resistance zones. We have come a long way in the past two sessions and, as such, a little correction or consolidation may be necessary before the next step.