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5 Jun 2013
Flash: Weaker GDP puts pressure on AUD - BMO Capital Markets
FXstreet.com (Barcelona) - BMO Capital Markets strategist Greg Anderson notes that a weaker GDP release overnight has seen further downside pressure on AUD.
Further, he notes that decent selling came in from the open in London, putting the previous low of 0.9526 very much in sight. He still feels it is right to trade from the short side, with more people now calling for a July cut from the RBA following the disappointing GDP number. He writes, “Any rally towards 0.9600 should be a selling opportunity today. Aud crosses remain offered as well with AUD/JPY now targeting 93.60-70.
Further, he notes that decent selling came in from the open in London, putting the previous low of 0.9526 very much in sight. He still feels it is right to trade from the short side, with more people now calling for a July cut from the RBA following the disappointing GDP number. He writes, “Any rally towards 0.9600 should be a selling opportunity today. Aud crosses remain offered as well with AUD/JPY now targeting 93.60-70.