EFTA Document EFTA01449347

16 May 2013 FX Blueprint: Dashing Buck While both crosses have now fallen a long way relative to our models, we would now expect these models to keep trending lower. Given the respective levels of the two crosses (and our AUD view below), we prefer to go short NZD/CAD. Indeed we are now more cautious on NZD more widely, as most of the good news appears priced in following its rally in recent months (see Figure 4). In terms of AUD, our view remains that the global monetary environment