Back
13 Jun 2013
Flash: AUD down 12% - TD Securities
FXstreet.com (London) - Shaun Osborne Chief FX Strategist for TD Securities said that the AUD has fallen nearly 12%.
AUD/USD encourages bargains
The AUD/USD rebound in the past two days has encouraged some bargain-hunting activity and thoughts that the AUD is oversold and could be poised for a deeper, short-term rebound. He thinks much hinges on the tone of the US data near-term, however.
He said that good data for May in the US will encourage more thoughts of Fed tapering and should support the USD. He suggests that hopes for a near-term AUD bounce probably hinge more on weak US data he thinks. For AUD/CAD, he can see some scope for a modest correction higher after the sharp slide in the cross recently but his team would still rather think rebounds to the low 0.99 area—key medium-term range support that caved in last week.
AUD/USD encourages bargains
The AUD/USD rebound in the past two days has encouraged some bargain-hunting activity and thoughts that the AUD is oversold and could be poised for a deeper, short-term rebound. He thinks much hinges on the tone of the US data near-term, however.
He said that good data for May in the US will encourage more thoughts of Fed tapering and should support the USD. He suggests that hopes for a near-term AUD bounce probably hinge more on weak US data he thinks. For AUD/CAD, he can see some scope for a modest correction higher after the sharp slide in the cross recently but his team would still rather think rebounds to the low 0.99 area—key medium-term range support that caved in last week.