AUD/USD Upside Should Fade as U.S. Moves Toward Rate HIke -AMP

        0409 GMT [Dow Jones] Recent U.S. economic data showing steady progress toward eventual interest rate hikes in the U.S. will further relieve upward pressure on the Australian dollar over time, although U.S. rate hikes are still probably 12 months away, says AMP Capital's head of investment strategy and chief economist, Shane Oliver. U.S. rate hikes should push AUD/USD down to 0.8000, helping deal with Australia's relatively high cost base, Mr. Oliver says. But he feels that even when U.S. rates start to rise, the U.S. will be a long way from tight monetary conditions that would seriously threaten the current cyclical rally in equities. (david.rogers@wsj.com; Twitter: @DRWSJ)
        (END) Dow Jones Newswires

        May 07, 2014 00:10 ET (04:10 GMT)