BNP Paribas continues to favour fading AUD resilience and remain long EURAUD via options.
"This is also in line with STEER, our shortterm fair value model, which currently has the AUDUSD short-term fair value at 0.7365.
Furthermore, Australian Q4 house prices moderated to 0.2% q/q from 2.0%....With positioning in AUD and CAD now flat, we think both currencies are vulnerable to renewed downside," BNPP argues.
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