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3 Apr 2013
Forex Flash: AUD/USD year-end target at 1.06 – Rabobank
FXstreet.com (Barcelona) - The Aussie dollar continues to push higher on Wednesday, eyeing the key resistance of 1.0500 after the upbeat data from the trade balance figures in Australia.
Strategist Jane Foley at Rabobank noted the ability of the AUD to keep the ground since the end of last year, against an unfavourable macro and domestic context. The Aussie bond market played an important role as demand for yield was backed by the solid fiscal position of Australia.
“We continue to expect that the AUD/USD 1.03 to 1.06 range will contain most trading activity this year but based on the recent improvement in many sets of domestic data we expect AUD/USD to be more likely edge towards the top of this range in the second half of this year to close the year at 1.06”, concluded Foley.
Strategist Jane Foley at Rabobank noted the ability of the AUD to keep the ground since the end of last year, against an unfavourable macro and domestic context. The Aussie bond market played an important role as demand for yield was backed by the solid fiscal position of Australia.
“We continue to expect that the AUD/USD 1.03 to 1.06 range will contain most trading activity this year but based on the recent improvement in many sets of domestic data we expect AUD/USD to be more likely edge towards the top of this range in the second half of this year to close the year at 1.06”, concluded Foley.