The Australian dollar wants to go higher (members)

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There’s not much one can say about the Australian dollar today except that it very clearly wants to go higher. Here’s the one year daily chart with its raging ascending triangle:

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It’s disastrous for the economy, for the Budget, for competitiveness, and to be hollowing out tradable sectors to make room for nothing but an even larger housing bubble is a new low in Australian macro-management. But there you have it.

Reap what you have sown, RBA/APRA.

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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.