just read a forecast by Bank of America and Merrill Lynch issued on June 2. Quote:
AUD: Our view on the AUD is for the currency to depreciate against the USD over the course of 2010 and 2011 as the risk trade matures, reserve accumulation slows and more countries
begin their tightening cycles. On a bilateral basis we now forecast 0.86 for Q2 2010, 0.80 for year-end while keeping 0.72 for year-end 2011. This forecast path has been revised slightly lower
over the near term, accounting for risk aversion and the changing investment incentives in Australia which expose the vulnerabilities of funding a significant current account deficit.