The aussie has outperformed most of the G10 over the week. The Reserve Bank of Australia (RBA) could underpin the AUD on a 40 basis point rate hike, economists at Westpac report.

AUD’s ranges to move lower over June

“The fragile foundations of global equities leaves us skeptical of the sustainability of the aussie’s probes above 0.72.” 

“If the RBA delivers the 40bp hike to 0.75% that we expect and remains upbeat on the growth outlook, AUD/USD should be able to hold in the 0.71 to low 0.72 area but with ranges to move lower over June.”