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Barclays: buy AUD/NZD

Strategists at Barclays Capital recommend buying AUD/NZD this week as Australian labor market data will likely surprise to the upside. 

Australian employment is forecasted to rise by 20.0K versus the consensus of 13.2K. At the same time, unemployment rate will likely disappoint a little bit (6.1% versus 6.0% consensus). An upbeat surprise from employment change will likely outpace, rendering support to the Australian currency. 

Bank holds a long position on AUD/NZD with a target of 1.1085. The stop-loss has recently been tightened to 1.0740. 

Chart. Daily AUD/NZD 


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