Australian dollar pole-axed on Scottish “no”

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The Aussie has resumed its tumble this morning after Scotland has voted “no” to independence, once again proving that life is stranger than Mel Gibson produced fiction:

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It’s not terribly clear why but the removal of Scottish risk appears to have reverted markets to the mean, which is pricing US interest rate tightening and a rising US dollar…

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.