Strategic FX update: June 2019
In this month’s currency podcast, our Head of FX Strategy discusses some changes to NAB’s FX AUD forecasts.
Changes to NAB’s FX AUD forecasts include:
- Small downward revisions to our AUD/USD projections for the remainder of 2019 and 2020
- Larger downward revisions to both Sterling and the Euro (giving higher AUD/GBP and AUD/EUR forecasts)
A key development since the last month has been evaporation of earlier optimism that the US and China would strike a comprehensive trade agreement by the time Presidents Trump and Xi arrived in Osaka for the G20 head of state meeting at the end of June.
- If instead trade tensions escalate further after this, what would it mean for the Renminbi and with that the AUD?
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