This via the folks at eFX.
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- "The RBNZ raised rates by 50bp to 3% and with Australian wage growth looking optically a lot lower than in many developed economies, AUD/NZD longs have been squeezed and AUD/USD is back under 0.70," SocGen notes.
- "August isn't historically a good month for the Antipodeans, but it may be useful to provide a major long-term buying opportunity for AUD, perhaps against GBP," SocGen adds.
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Here is a chart, also looking "optically lower" (I guess?)
