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AUD/USD Closes Gap To NAB's Fair Value Estimate

AUD

NAB note that “AUD/USD went 2.5 cents towards closing the gap between spot and our short-term value estimate in December, with spot pulling up inside our -3.5%/+2.5% fair value range (now centred at $0.6950) for the first time since July. The 2 cents rally in AUD/USD contrasted with a small (-0.5 cent) decline in fair value, with the latter depressed by small negative inputs from the commodity price factor (lower oil prices overwhelming gains from gold and base metals) and the (EM-centric) risk factor.”

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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