Time to buy the Aussie dollar

SINGAPORE (Aug 15): The Australian dollar has been gaining strength since hitting a low of 0.73 against the US dollar on June 23, when the UK voted to leave the European Union.

The AUD/USD strengthened even after the Reserve Bank of Australia (RBA) cut its interest rate by 25 bps to a historical low of 1.5% on Aug 2. At noon on Monday, the pair traded at 0.77.

But Credit Suisse investment strategist Heng Koon How expects the AUD/USD to move higher. Based on his forecasts updated Aug 15, the pair should hit 0.79 over the next three months and rise further to 0.82 over the next 12.

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