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AUD/USD: S/T Model Points To 0.78 But AU Jobs Report To Prevent It From Clicking 0.77

AUD/USD: S/T Model Points To 0.78 But AU Jobs Report To Prevent It From Clicking 0.77

On February 15, 2017, Posted by , In Uncategorized, By , With No Comments

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Despite a firmer USD, AUD/USD sits above the level prevailing prior to last week’s various RBA narratives and which combined with iron ore prices achieving fresh post-September 2014 highs, adequately accounts for its outperformance. Our short term fair value model is now nudging 0.78 cents.

While broader USD volatility will obviously remain very important – and for now means we are not revising our AUD/USD forecasts.

This week’s key domestic events (of which the January labour market data is the highlight) will likely need to be weak indeed to prevent AUD/USD clicking onto a 0.77 handle.

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