Another overnight note on the AUD - "may stay in demand, at least in the short-term"

Post on an overnight client note from Morgan Stanley is here for earlier:

• Morgan Stanley on AUD/USD - maintain strategic short

A bit of a different take on the currency, this time from Credit Agricole writing overnight:

• In G10 FX the AUD and NZD were among the best performing currencies. In the case of the AUD, this is regardless of weaker than expected Australian labour data. Even though employment in March rose by only 4900 in March (cons. 20k), the latest data does not lower investors' central bank monetary policy expectations. This is especially true as a broader trend of improving conditions remains intact and as the RBA just recently explained that a neutral monetary policy stance remains appropriate for the time being. In New Zealand, at 1.1% (cons. 1.1%, prev. 1.6%) Q1 CPI came in as expected.
• In an environment characterized by further improving risk sentiment coupled with stable central bank rate expectations, higher yielders such as the AUD and NZD may stay in demand, at least in the short-term. It must be noted too that according to our positioning data those currencies are nowhere close to being overbought.