AUD/USD will likely remain heavy as iron ore prices are under renewed downside pressure – BBH
AUD/USD is directionless just under its 200-Day Moving Average of 0.6551. Economists at BBH analyze the pair’s outlook.
Australia’s Westpac/Melbourne Institute Consumer Sentiment Index fell in March
AUD/USD will likely remain heavy as iron ore prices are under renewed downside pressure.
Moreover, Australia’s Westpac Melbourne Institute Consumer Sentiment Index fell 1.8% to 84.4 in March, suggesting consumers are more concerned about the near-term economic outlook. The data validates the RBA’s concern about weak household consumption growth and supports money market pricing for 50 bps of rate cut this year.
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