Australian PMIs and consumer confidence will offer some insight to domestic conditions. Expect the Aussie to remain an underperformer given sensitivity to global growth expectations, in the opinion of analysts at ANZ Research.
Key quotes
“Shifting risk dynamics around the outbreak of COVID-19 have created downside pressure for the AUD, which is closely linked to activity in Asia via tourism and export of raw materials.”
“The near-term prospects for the AUD are therefore likely to hinge on transmission rates and scale of activity slowdown.”
“Spot: 0.58 ANZ Fair value: 0.67”
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