Barclays Capital said that in the near future Greece and its international gold master agreement conditional commodity currencies continued the decline, due to market concerns about the Chinese economy to make the foreign exchange market continues to trade sideways almost no people space.
Barclays: The Australian dollar continued to recommend short, the target to see 0.7000 in our forex blog.
And the famous "fight hamster" game is very similar, causing market volatility and nervousness of news events being followed. June and early July after China's stock market crash, the Chinese side indicators have begun to deteriorate, released last week, China in July manufacturing purchasing managers index (PMI) fell to 15-month lows to shrink situation, and the market is expected to significantly deterioration.
June commodity prices and related currencies such as the Australian dollar, New Zealand dollar, Canadian dollar and the Norwegian krone has plummeted. In a market risk sentiment relatively cautious environment, commodity prices continued to expect further weakness in the Australian dollar is still overvalued from the current level of continued downward (overvalued by about 10%) on.
And last week, the RBNZ cut rates by 25 points to 3.00 percent contrast, the RBA seemed reluctant to implement the necessary monetary stimulus measures, due to the country's largest city, Sydney house prices rise too quickly the situation, is still a major concern of monetary policy makers.
Thus, in the case of interest rate policy can not be put in place to further suppress the Australian dollar will be the only option for the RBA to safeguard stability in the economy can take. Barclays therefore recommend short Australian dollar continued, maintaining short positions starting from 0.7779, stop at 0.8180, the next target to see 0.7000.
12:00 GMT, the Australian dollar against the US dollar reported 0.7290 / 92.
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