17 Jun 2014
AUD/USD sell on rallies - Societe Generale
FXStreet (Barcelona) - Kit Juckes, Global Head of Currency Strategy at Societe Generale, keeps the preference for selling the AUD into bullish attempts.
Key Quotes
"The overnight FX mover was the AUD, weaker on a set of RBA Minutes which were dovish, referencing the currency's strength, the likelihood growth will remain below potential, and indicating rates are on hold as far as the eye can see. There wasn't, in truth, anything very new about this."
"Rate differentials have continued to move against the AUD but the market has been ignoring that until now. What has changed is that long AUD positions (and long risk positions generally) have built up in recent weeks and the Iraq crisis has prompted a bit of risk aversion."
"Where does this leave us? I don't know how many times we have written hat we want to get short AUD/USD above 0.94 and this ‘sell rallies' plan is intact. Alvin put out a long GBP/AUD (call) recommendation yesterday."
Key Quotes
"The overnight FX mover was the AUD, weaker on a set of RBA Minutes
"Rate differentials have continued to move against the AUD but the market has been ignoring that until now. What has changed is that long AUD positions (and long risk positions generally) have built up in recent weeks and the Iraq crisis has prompted a bit of risk aversion."
"Where does this leave us? I don't know how many times we have written hat we want to get short AUD/USD above 0.94 and this ‘sell rallies' plan is intact. Alvin put out a long GBP/AUD (call) recommendation yesterday."