Bottom departs Australian dollar

Thursday, 23 May 2013

In one promising development today, the arse is departing from the Australian dollar, currently trading down towards 96.5 cents. First it was Bernanke and then Ford in the two step:

On a longer time frame the key levels are last year’s low at 95.70/80 and then huge at 94 cents (h/t Deus Forex Machina):

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Having refused to keep the dollar down and successfully hollowed out the economy in the process, I can’t wait to see the heroes at the RBA buying AUD.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.