7 Aug 2015
Be long AUD/NZD - SG
FXStreet (Barcelona) - Kit Juckes noted the conditions surrounding the Aussie and note that the Aussie jobs data was actually not bad, supporting a bid in AUD/NZD.
Key Quotes:
"Australian labour market data were released showing a strong 38,500 increase in employment but a jump in the unemployment rate to 6.3%. The fact that the SHCOMP index was dragging AUD lower when the data came out has convinced some that the figures are weak but they really aren't. We want to be long AUD/NZD here, and while the US data will determine broad trends, we still see the RBA decision this week to drop references to the currency as significant. Trading dollar strength on Chinese weakness is better expressed now through shorts in NZD, than AUD."
Key Quotes:
"Australian labour market data were released showing a strong 38,500 increase in employment but a jump in the unemployment rate to 6.3%. The fact that the SHCOMP index was dragging AUD lower when the data came out has convinced some that the figures are weak but they really aren't. We want to be long AUD/NZD here, and while the US data will determine broad trends, we still see the RBA decision this week to drop references to the currency as significant. Trading dollar strength on Chinese weakness is better expressed now through shorts in NZD, than AUD."