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17 Jun 2013
Flash: Keep favouring AUD/NZD lower despite RBNZ on hold - UBS
FXstreet.com (Barcelona) - Despite the AUD/USD recovered lost ground last week, as did the NZD/USD, for this week of trading, Mansoor Mohi-uddin, Head of FX Strategy at UBS Macro Research, still recommends keeping a cautious stance on the AUD and continue to prefer the NZD.
According to Mohi-uddin, the RBA easing bias - UBS expects another 25bp cut in August - and weaker developments in China's economy, are still differing negatively vs the tighter policy projections from the RBNZ - UBS expects a hike in rates by the end of this year -.
In conclusion, the UBS Strategist sees AUD/NZD "a sell on rallies with the cross likely to fall towards 1.15-1.16 in the second half of the year."
According to Mohi-uddin, the RBA easing bias - UBS expects another 25bp cut in August - and weaker developments in China's economy, are still differing negatively vs the tighter policy projections from the RBNZ - UBS expects a hike in rates by the end of this year -.
In conclusion, the UBS Strategist sees AUD/NZD "a sell on rallies with the cross likely to fall towards 1.15-1.16 in the second half of the year."