AUD/USD: Room For Further Decline Towards Its STEER Target - BNPP

BNP Paribas expects the weakness of the commodity currencies verses the USD to continue as markets prepare for a more hawkish message from the Fed at this week’s FOMC meeting.

"AUDUSD retreat, in particular, should continue in light of the retreat in commodity prices following softer China data over the weekend.

Furthermore, BNP Paribas STEER indicates the fair-value for the pair stands at 0.7314, suggesting room for a further declinedespite the RBA minutes overnight having only limited commentary on the AUD," BNPP adds.

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