AUD/USD may turn back lower towards 0.7450 in the short-term – Westpac

AUD/USD is dead flat over the week, just above 0.7500. Changes to the RBA’s language are likely to be less dramatic than implied by market pricing, suggesting the aussie may slip back to say 0.7450 near term but remains a buy on dips on the multi-month/quarter outlook, economists at Westpac report.

Dips offers a buying opportunity
“Westpac maintains its view for a steady cash rate until Feb 2023 and expects changes to the RBA’s language next week to be less dramatic than is implied by market pricing.”

“AUD/USD could slip back to say 0.7450 near-term but remains a buy on dips on the multi-month/quarter outlook.”