Updated views on AUD and NZD from Westpac

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Key points on the Australian and New Zealand dollars from Westpac 

In a one to three month horizon

AUD/USD:

0.7000-0.7200 from February to mid-April
was finally punctured to the downside by Australia’s weak Q1 CPI

  • there
    has been limited follow-through

Australia’s
commodity price basket has rebounded sharply since early April

Rallies should
be capped by the ongoing debate over RBA rate cut timing and nerves
over US-China trade relations

probes of 0.69 possible in coming
weeks. But we retain our baseline of 0.70 by June, with the RBA to hold
steady until August, watching the unemployment rate.

NZD/USD:  

Potential for further declines to
the 0.6425-0.6525 area

NZD will remain weighed down by the RBNZ’s
easing bias

plus expected improvement in the US economy in the second
half of 2019

ForexLive

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