ANZ with a look at the AUD.

  • The AUD has been short on luck. A weak external environment pushed it lower in 2018, but that recovery was not enough to lift it in 2019, as the domestic policy environment turned dovish.
  • We have now broken support. How low the AUD falls will be defined by how aggressively the RBA eases and the success of China's stimulus efforts.

Despite that assessement ANZ's view of AUD for the week ahead is 'midly bullish'. Further out, though, for the coming month, 'Bearish'.

AUD fair value assessed at 0.70