AUD/USD had scope for at least a probe of the mid- 0.77s - Westpac

Sean Callow, Research Analyst at Westpac, suggests that the AUD/USD had scope for at least a probe of the mid- 0.77s (Aug highs), with support from commodity prices.

Key Quotes

“Last week we argued AUD/USD had scope for at least a probe of the mid- 0.77s (Aug highs), with support from commodity prices, a slightly softer undertone to USD and the RBA sounding comfortable about Australia’s outlook. This remains our basic short term view – a somewhat lukewarm positive bias, with 0.78 likely to still be a bridge too far.

The Aussie reached 3 week highs with the help from Clinton’s debate win and the oil-driven rise in energy prices. In order to push beyond 0.7750/55, are likely to need some upside surprises on AU data or disappointment in the US. There is also the risk that Trump’s polling numbers don’t change much.”