Bank of America Merrill Lynch Global Research have released a report concerning their latest investor trip to Australia. They have recommended to clients that now is the time to short the Aussie.
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The British pound will breach the 2.0 level against the Australian dollar in convincing fashion in 2015 say forecasters at St. George Bank in Sydney.
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Sterling has outperformed recently as the UK election risk premium has been removed. But AUD sentiment has also improved in line with the RBA’s steady outlook and the iron ore price recovery.
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Despite cutting interest rates this May the Reserve Bank of Australia still has a fight on its hands – trying to manage a strong Australian dollar.
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The AUD rally should stall if the RBA cuts interest rates this May say Bank of America who expect the currency to be range-bound over the coming month, and see it remaining bearish beyond.
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The Aus dollar continues to strengthen but forecasters suggest it would be premature to call an end to the longer-term downtrend.
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The Australian dollar has proved a top performer in global currency markets following the Q1 inflation data release.
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