# AUD: Seasonality or coincidence? – Nomura — Octa

> Nomura analyst Peter Dragicevich argues that AUDUSD's repeated May weakness reflects macro drivers, not seasonality. Those drivers include a narrowing Australia-US two-year swap spread, falling commodity prices and a stronger dollar.

- Date: 2017-05-03 · published 2017-05-03T12:00:00.000Z
- Category: macro · region Australia · magnitude low
- Page: https://feedsoft.ai/events/71264-aud-seasonality-or-coincidence-nomura-octa
- Commodities: [Australian Dollar (USD per AUD)](https://feedsoft.ai/c/AUDUSD.md)

## Why it matters

Nomura does not expect the same pattern in 2017 and sees AUDUSD consolidating while underperforming other crosses such as EURAUD, so the near-term price impact is limited.

## Read by commodity

- AUDUSD: neutral

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/437646/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.