Via ANZ's look at the week ahead for FX. Their fair value model for AUD has it at 0.67 against t the USD.

Citing:

  • Improving news and some suggestions that the COVID-19 pandemic may have reached its peak have seen the AUD outperform.
  • Its medium-term prospects are likely to hinge on how fast activity can resume and how well economies cope with instances of the virus resurgence.

ANZ are looking for a sideways week ahead for the AUD (their view is neutral) but are bearish in the month ahead.

The main data of note for the AUD next week are:

  • Tuesday - Australian May business confidence & conditions from the NAB survey.
  • Wednesday - China CPI

I'll have more to come on these on approach to release.