AUD/USD 0.6600 a near term obstacle

Some comments on the outlook for the Australian dollar via Westpac

In summary:

To end this week:

• Upward momentum has slowed
• 0.6600 a near term obstacle

Further ahead for coming weeks:

• revival in global equities to early March levels has driven the Aussie to 0.66
• Aggressive central bank policy settings should help ensure A$ does not return to the sub-0.60 trade of late March
• in coming weeks the reality of a tepid global recovery in H2 2020 and woeful earnings reports are likely to chip away at risk sentiment. Scope for 0.62 end-June.
• AUD is threatened by global risk appetite over the coming weeks