Says AUD appears somewhat overvalued but it’s hard to be precise.
He says terms of trade are the key element in determining the Aussie’s level.
I see a bounce in AUD from here but afterwards, I prefer selling it on the crosses. Lots of cross-currents in AUD right now but the possibility of a rate cut next month will weigh.
Iron ore has rebounded to $109 from $86 in early Sept.
