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Société Générale predicts that the Austrian dollar will rally up in 2021 due to the Australian fast recovery. Indeed, we cannot but agree that the global economy should steadily grow in the next year as vaccinations will start. As a result, the market sentiment will improve, and investors will stream their capitals into riskier assets like the AUD.
Unlike the USA and European countries, Asia-Pacific countries have almost taken the virus under control. That’s why Société Générale anticipates that Australia’s GDP will return to its pre-pandemic GDP level by the second half of 2021. In comparison, other developed countries are expected to regain all current losses by the end of 2021 and 2022.
The CNH and the AUD are positively correlated due to the close trade relations between countries. Although the China-Australian relationship worsened amid the coronavirus, it should improve during the next year as it’s beneficial for both sides. Elsewhere, Biden’s presidency implies a more rational approach to the US-China trade deal. That’s why global trade is now expected to boost in 2021.
AUD/USD has bounced off the resistance of 0.7580. If it drops below the intraday low of 0.7545, the way down to yesterday’s low of 0.7520 will be clear. Since the pair is moving in an uptrend, we can assume that after a short decline, it will reverse and rally up. The breakout of the resistance level of 0.7580 will drive the pair to the key psychological mark of 0.7600.
Joe Biden will take the post of president of the USA on the morning of 20 January 2021. Trump is going to skip the inauguration. What will be the market reaction? Let’s find out!
What are the forecasts for silver, platinum and palladium?
USD/CAD continues dipping. Follow US jobless claims and the speech of Fed’s Powell!
World shares gained on Wednesday on bets of hefty US spending after US Treasury Secretary nominee Janet Yellen urged lawmakers to "act big" to save the economy and worry about the debt later.
USD/CHF presents a very worthy tactical disposition for bulls. Will it break the resistance?
Asian equity markets were mostly positive as the region partially sustained the momentum from the tech-led gains on Wall Street.
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