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Weak data leave Australian Dollar looking vulnerable – Societe Generale
Recent NAB business confidence and home loans figures were notably weak. Against that backdrop, Kit Juckes at Societe Generale points to pressure on leveraged housing markets, including Australia, from rising global bond yields. He still favours AUD rates over USD rates, but sees scope for AUD/USD to decline following the Australian dollar’s strong performance earlier in the year.
Rates trade retains preference over currency position
"The rise in bond yields, however, is feeding through to leveraged housing markets, and Australia is certainly one of them."
"Yesterday’s NAB business confidence indicator took a sharp turn lower, and this morning’s home loans data were at least as disappointing."
"In the current market, I suspect that may still be a better trade than shorting AUD/USD, although the latter has room to fall given how well the Australian dollar has performed overall this year."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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