Back
1 Aug 2014
AUD/USD: Speed of the declines picking up
FXStreet (Bali) - AUD/USD keeps trading on the back-foot, accumulating a third consecutive losing day, reaching a new 2-month low at 0.9278 before a mild bounce towards 0.93 ahead of the US NFP.
Peter Fell, Analyst at FXBeat, notes: "The risk event for the Asia time zone comes from China, official manufacturing PMI is due at 01:00 GMT, the market is looking for a slight increase to 51.4 from 51.0, HSBC flashing PMI came out much higher than expectations last week, 52.0 from 51.00, it will be interesting to see if the official numbers spring a similar surprise."
One of the banking institutions who has recently shifted its stance to bearish on the AUD is Morgan Stanley, noting that "we now return to a bearish strategy, looking to sell into rebounds in the 0.9350 area", adding that "we now look for a decline towards 0.9200/0.9185 initially, with the medium-term target now at 0.9000..."
Peter Fell, Analyst at FXBeat, notes: "The risk event for the Asia time zone comes from China, official manufacturing PMI is due at 01:00 GMT, the market is looking for a slight increase to 51.4 from 51.0, HSBC flashing PMI came out much higher than expectations last week, 52.0 from 51.00, it will be interesting to see if the official numbers spring a similar surprise."
One of the banking institutions who has recently shifted its stance to bearish on the AUD is Morgan Stanley, noting that "we now return to a bearish strategy, looking to sell into rebounds in the 0.9350 area", adding that "we now look for a decline towards 0.9200/0.9185 initially, with the medium-term target now at 0.9000..."