Westpac writes today that the AUD/USD is caught between opposing forces: Chaotic US policy increasingly hurting USD growth risks versus global market deleveraging pressures.
From today's note:
"AUD feels increasingly immobilised, lacking conviction and stuck between competing narratives. On the plus side there's a plainly more constructive medium term AUD outlook developing in real time as US growth risks build and the USD's yield underpinnings are challenged by a prolonged period of policy uncertainty. Tariffs were "supposed" to land more heavily as a downside growth risk for the RoW, but instead frequent policy reversals, chaotic delivery and communication are more obviously unsettling the US outlook."
AUD has shown resilience despite US equity drawdownsThe US policy uncertainty shock sapping US exceptionalism (this is a view that's gaining momentum)Highlight the German debt brake vote as a risk next TuesdayApril 2 'reciprocal' tariffs present strategic flush risk for AUD/USDMulti-month outlook suggests broad USD weakness despite uneven currency impactsHere is their technical view:
The base of the channel sits around 0.6220. We can see AUD threatening the base of this channel and lower levels still - the recent 0.6088 lows, if not 0.6000 - for example if de-risking escalates. But we wonder if that ultimately proves to be a false break and a long-term buying opportunity This article was written by Adam Button at www.forexlive.com.Hence then, the article about australian dollar increasingly immobilised westpac was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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