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:
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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