Market news

6 February 2020

AUD: Long AUD/NZD looks attractive; staying long - Citi

eFXdata reports that Citi discusses AUD outlook in light of this week's speech by RBA's Governor Lowe Speech. Citi likes AUD/NZD long around current levels targeting a move towards 1.0850.

"The key takeaway for markets are comments about the gradualness of the recovery, mainly in articulating that the expectation for progress towards full employment and hitting the inflation target will "remain quite slow" and that they are "moving in the right direction, although only very gradually."

For AUD though, it makes sense to be here given positioning and a stabilization in equities and he wouldn't be surprised to see it dribble higher," Citi notes.

"Long AUDNZD looks attractive, says CitiFX Strategy. Better Q4 data, a relatively hawkish shift by the RBA, unwinding of short positions in AUD by leveraged clients and attractive risk/reward create a supportive backdrop support this thesis," Citi adds.

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