Citibank Top Trades for 2015 – Sell AUD/USD

Sell AUDUSD spot at 0.8375, target 0.7800, stop 0.8750

We expect AUD to be among the most vulnerable currencies to additional USD
appreciation, with the recent shift towards more hawkish language from core FOMC
members signaling that the timing is right for spot shorts targeting a breakdown
beneath recent ranges. AUD vulnerability stems from pessimism on regional
developments, declines in commodity prices and the increasing likelihood for
interest rate easing. These factors are making investors wary of buying AUD even in
the face of ostensibly positive monetary easing in Europe, Japan and China.

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