Early this month, Westpac projected that AUD/USD rebound was set for further gains towards 0.9510 (AUD was trading sub 0.91 at the time). Now as the pair has already reached this target over the past few days before retracing around one and half big figure lower, Westpac is out with another call on AUD. "Since then consensus has clearly shifted on China and the A$ has moved sharply higher. However, I am not convinced that this improvement in Asia is fully 'in the price'. This week's flash PMI in China is a good example. Markets were expecting a modest improvement, but got a solid rise to 6 ...
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