Forex Flash: Australia's wage index to keep RBA cut hopes in situ - NAB
FXstreet.com (Barcelona) - According to NAB Strategists, the read below 3.8%in Australia's wage price index (YoY) "is likely to keep rate cut hopes in situ and apply some heaviness into the AUD on its attempts to retest Nov 7 high at 1.0477.
"In terms of other influences, it looks like no amount of negative resources news stories (the latest being massive cost
blow-outs at Chevron's LNG development reported in the AFR today) seem capable of undermining the currency" NAB adds.
Earlier on the day, a story that the Central Bank of Rusia had started a campaign to beef up its AUD foreign reserves is likely to have contributed to the recent AUD resilience.
AFR notes: "The Russian central bank has begun its Australian dollar buying program in earnest according to traders, helping to explain the currency's persistent strength despite recent interest rate cuts."
"In terms of other influences, it looks like no amount of negative resources news stories (the latest being massive cost
blow-outs at Chevron's LNG development reported in the AFR today) seem capable of undermining the currency" NAB adds.
Earlier on the day, a story that the Central Bank of Rusia had started a campaign to beef up its AUD foreign reserves is likely to have contributed to the recent AUD resilience.
AFR notes: "The Russian central bank has begun its Australian dollar buying program in earnest according to traders, helping to explain the currency's persistent strength despite recent interest rate cuts."
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