Nomura is looking for AUD to trade higher against EUR and GBP

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Nomura on AUD, EUR and GBP.

• “Our short EUR (50%) and short GBP (50%) versus long AUD position performed moderately well. We retain conviction at 3/5
• our entry levels on 18 August,” Nomura notes.
• “Our position remains exposed to risk from a major swing in global sentiment, but we believe that likely respective (near-term) macro performance and respective terms of trade shifts (favouring Australia over Europe) offer significant underlying fundamental support. There is little local near-term news of significance, ahead of the RBA meeting on 6 September, at which point we remain very confident that it will deliver a fourth-consecutive 50bp rate hike. However, until we reach this point, we expect AUD will largely remain driven by global themes,” Nomura adds.