📝 Expect The AUD And CAD To Outperform NZD: UBS

We noted the Australian dollar under pressure along with commodity FX. We expected the AUD to outperform the New Zealand dollar and stay solid, together with the Canadian dollar. Furthermore, we note the domestic economy was improving, unemployment is likely to fall from 4% to 3.4% eventually. Parliamentary elections on May 21 should shake the AUD in the pre-election period, but a win by the Labor Party was anticipated and should lead to a relief rally once confirmed. Stay positive on the AUD relative both to the USD and to other commodity producers' currencies, despite its underperformance of late and the recent decline of China's CNY. - UBS