Aussie Revival Seen in Record Shorts, RBA at Turning Point
- Credit Agricole sees upside surprises in data from November
- Aussie has ‘very strong support’ at 70 to 71 cents, CIBC says
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Traders have never been as negative toward the Australian dollar as they are now. That is just one of the reasons that will help it recover, strategists say.
Other positives set to drive a rebound include expectations the central bank can’t get any more dovish than it is now, and the fact that many commodities Australia exports are rising apart from iron ore, according to Credit Agricole SA. The Aussie will be bought once Covid-19 lockdown exits are confirmed, Canadian Imperial Bank of Commerce says.