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Investment Banks Have Continued to Go Cold on The Australian Dollar

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Core Tip: INVESTMENT banks have continued to go cold on the Australian dollar, with Credit Suisse?s global strategists telling clients the Aussie could fall to 85 US cents in 12 months bec

INVESTMENT banks have continued to go cold on the Australian dollar, with Credit Suisse?s global strategists telling clients the Aussie could fall to 85 US cents in 12 months because "this time it's structural".

"While a rebound remains possible, we think there is clear evidence that the Aussie is undergoing a structural downshift," said the bank's UK-based Aditya Bagaria, noting that in previous dips to around 97 US cents in recent years the Aussie had quickly rebounded above parity.

After turning bearish on the "little Aussie battler" in January, Credit Suisse today again lowered its forecasts for the Australian dollar, predicting that it would fall to 92 US cents in 3 months and 85 US cents in 12 months.

Also today, UBS today slashed its three-month and year-end forecast for the Aussie to 95 US cents from $US1, saying "this time around portfolio inflows are too feeble to provide an effective counterbalance" of weathering commodity price weakness.

 
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