ING expects a short-term AUD / USD adjustment, believing that the rally from last month has lost momentum.
The Australian dollar has performed much better than the US dollar in 15 of the past 20 days, reaching a three-month high. The Labor Market report last week was neither a sign of anxiety nor improvement. The data "cemented" the position of the Central Bank, which would currently refrain from further lightening monetary policy. ING expects the Australian price to no longer be supported by RBA representatives. Unless we have a positive catalyst from the trade war, ING believes it is time to adjust the price to the area around 0.7000 in the next few days.
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