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NAB: Gap Between AUD/USD Spot & Fair Value Narrows In March

AUD

NAB note that “The narrowing gap between spot and our model fair value estimate continued in March with the AUD/USD ending the month comfortably back inside its -3.5% to 2.5% fair value range, spot at $0.7482 vs. a model estimate of $0.7660. In March the model estimate gained just over $0.01 with commodity prices and wider AU/U.S. spread positive contributions only partially offset by a decline in risk sentiment which was largely explained by rise in FX volatility in both EM and G10 FX pairs.”

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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