Forex Flash: AUD/USD should stay supported around 1.04 – NAB/BNZ

FXstreet.com (Barcelona) - According to National Australia Bank and Bank of New Zealand currency strategists: “The AUD continues to display complete immunity from European travails,” the analysts say, expanding: “A still positive growth story, 3% yield and distance from the epicentre of angst all serving to keep the currency supported, suggesting minimal near term harm under either risk ‘on’ or ‘off’ scenarios.”

“The rise in the AUD TWI to 28 year highs will be irksome to the RBA but assuming no change in rates on Tuesday,” they note, “AUD/USD should stay supported around 1.04 or only a little below, in the absence of much stronger USD rally,” the team concludes.