From ANZ’s ‘Strategy Weekly’, their view on the AUD (in brief)
ANZ’s ‘Key Point’ for the AUD:
The tight range that the AUD has traded over the past few weeks looks set to break next week with the US election result providing the spark. Given the uncertain outcome, direction is hard to pick, but we continue to think there is an asymmetry in the currency and any move higher will be far more limited than the downside break. AUD/NZD should also be watched closely. There we see some short-term downside risks, but view the 1.02 level as an opportunity to reload longs.