AUD/USD profile lowered across the forecast horizon. A deteriorating terms of trade outlook, as well as our view that the RBA will cut rates in 2015, are the key drivers of this revision. AUD/USD will need to do the hard yards to get the A$ TWI down, as the crosses remain supported. We see AUD/USD at 0.78 by end-2015, before bottoming out at 0.75 by late 2016.
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