Rabobank says dovish RBA to keep AUD/USD from rising, target 0.71 by year-end

Remarks from Rabo on the Australian dollar and Reserve Bank of Australia:

The RBA retains a dovish tone
is pushing ahead with its previous decision to taper its QE programme from September mostly on the expectation that the economy will bounce sharply once restrictions are lifted
RBA has become surprisingly prescriptive in its view that wages will need to be growing by at least 3% to push CPI inflation sustainably into the middle of the 2% to 3% target band. This will then trigger a rise in the Cash rate. It is the Bank’s view that this will not happen before 2024. This dovish outlook is likely to restrain the AUD
Despite the support from higher energy prices, we see risk of a dip to AUD/USD 0.71 on a one-to-three month view

AUD/USD was last on approach to 0.71 in mid-August. Despite all the bad news for it (China, lockdowns, and what have you) its stabilised somewhat since:

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