Australian shares are set for a modest advance, tracking New York. Apple bounces before iPhone 15 release. China hopes buoy local currency. Follow updates here.
Investors betting Australia’s dollar will continue to weaken may want to reconsider. Analysts see the currency rebounding on China stimulus and Reserve Bank of Australia rate-hike prospects.
But the Aussie is poised to rally in the coming weeks, ending the year at 66 cents and reaching 68 cents by March, according to a Bloomberg survey of strategists and economists. A potential final rate hike by the RBA is currently underpriced by markets, said Simon Harvey, head of FX Analysis at Monex Europe in London. “In the fourth quarter, Chinese officials are more likely to embark on more direct stimulus should the 5% growth target seem unattainable, which would immediately boost risk sentiment,” he added.
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