We have been bearish on the AUD for a while, calling for a
correction since Mar. For those that attended our presentation at Invest
ASEAN, you may have noticed that it was intended to be a 3 month view.
AUDUSD has since come off due to a sharp iron ore sell-off that has
erased all the metal gain since last Nov. The risks of losing its
AAA-rating and increasing divergence of RBA’s monetary policy vs. fellow
antipodean RBNZ had AUD sold against the NZD and even against the weak