1 Dec 2014
Downside risks ahead for AUD/USD - OCBC Bank
FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank, notes that downside risks are amounting for the AUD/USD pair as the pair slips below the 0.85 psychological level.
Key Quotes
"The November AiG performance of manufacturing index improved slightly to 50.1 but this is not expected to provide any noticeable shelter for the AUD given the current state of the commodity complex. Apart from the event risk from the RBA meeting on Tuesday, 3Q GDP numbers are also due on Wednesday. With the pair having slipped below the psychological 0.8500 floor, downside risks may mount in the coming sessions."
Key Quotes
"The November AiG performance of manufacturing index improved slightly to 50.1 but this is not expected to provide any noticeable shelter for the AUD given the current state of the commodity complex. Apart from the event risk from the RBA meeting on Tuesday, 3Q GDP numbers are also due on Wednesday. With the pair having slipped below the psychological 0.8500 floor, downside risks may mount in the coming sessions."