Beware of robber banks (RB), bad advisors.
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AUD: A Buy On Dips; We Stay Long AUD/USD Targeting 0.78 - ANZ
Significant AUD downside has started to look more like a tail risk than a central forecast. Commodity prices have risen more than anticipated, liquidity remains ample and volatility is expected to remain in check. Valuation has also corrected. There is now a negative risk premium priced into the AUD which suggests that even if a tail risk does manifest, the current level of the AUD provides some protection relative to other cyclical currencies. Putting this altogether, we continue to think that the current risk premium will be retained in the AUD, that fundamentals will be more stable, and that there is some further ... (full story)