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Hardy on the Aussie and the market's new 'momentum'
The Aussie dollar remains under pressure this Monday and with good reasons, according to Saxo Bank's Head of FX Strategy, John Hardy. He says the huge breakdown in copper and iron ore prices and concerns about China are making the currency increasingly vulnerable.
John predicts that the Aussie could fall to 80 cents against the US dollar, or even lower, over the next twelve months. However, he says we're still looking for more decisive action from Australia's central bank or other external forces, to precipitate a major decline.
He also says we're seeing signs of a possible new momentum in currency markets, with an increase in volatility. At some point, he says, the US dollar has to stop trading in very tight ranges and that's going to energise the markets.
02:18 minutes
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