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RBA unlikely to weigh on the aussie at least until 0.80 – Credit Suisse

FXStreet reports that economists at Credit Suisse believe the AUD/USD pair upside beyond 0.80 might be limited for now.

“Near-total local eradication of COVID-19 and pro-cyclical exposure to Asian demand have been idiosyncratic drivers of AUD strength beyond what is implied by USD weakness. In December the RBA committed to keeping rates on hold for 3 years, a commitment that markets have already started to challenge, pricing in more than one hike by 2023. An upward revision to GDP and CPI forecasts appears more likely than an attempt to weaken the currency, especially if Jobkeeper program is extended beyond Q1 deadline.”

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