The Australian and New Zealand dollars may have finally hit bottom if analysts p...
SYDNEY - The Australian and New Zealand dollars may have finally hit bottom if analysts prove prescient in the latest Reuters poll, as bets on aggressive U.S. policy easing bail both currencies out of a tight spot.The Aussie is seen at $0.6900in one and three month's time, unchanged from the June poll, before rising to $0.7000 in six months and $0.7200 on a one-year horizon. It was last trading at $0.7025.
Yet investors have gone even further on U.S. rates, wagering the Federal Reserve will ease by 100 basis points in the coming year starting with at least 25 basis points this month. “The prospects of the AUD enjoying a further upleg – pending a compliant USD – does not seem unreasonable,” said Mellor. “Bulls may already be eyeing the post November 2018 downtrend and 200-day moving average at 71 cents.”
Forecasts were for it to hold at $0.6600 right out to six months, before edging up to $0.6700 in one year. As always, predictions ranged widely from $0.6200 to $0.7400.
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