The Australian Dollar is making its way higher, quite quietly. What’s next?
Here is their view, courtesy of eFXdata:
CIBC Research discusses AUD outlook and adopts a structural bullish bias targeting AUD/USD at 0.77 by the bend of Q3 and at 0.80 by year-end.
“The odds of the RBA delivering a rate hike in November have retreated, but we consider the improving macroeconomic backdrop a catalyst for AUD strength.
The probability of a hike coming in conjunction with the November Statement on Monetary Policy has fallen from nearly 80% three months ago to now stand at a little over 20%.
But policymakers remain confident in the economy, stating that “progress on both inflation and unemployment is expectedâ€. CIBC argues.
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