Forex Flash: AUD/USD year-end target at 1.0400 – Scotiabank

The Aussie dollar is hovering over 1.0235/40 on Tuesday, just pips lower from session highs above 1.0250 after positive domestic data and the decision of the RBA to leave the lending benchmark intact at 3.0% have bolstered the upside.

Camilla Sutton, Chief Currency Strategist at Scotiabank, remarked, “… the approaching peak of the mining boom remains a concern and AUD remains high. We expect that 3.0% proves the floor in Australian interest rates and that this in turn will help to support AUD”.

“We hold a year-end AUD target of 1.04”, concluded Sutton.