Australian dollar rocket!

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It’s damn the lifeboats today for the Aussie as Fed dovishness continues to overwhelm all sense in markets. The Battler soared 1.3% last night to a high of $78.80. A quick look at the charts shows broad based strength against developed economies:

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The downtrend against the Euro looks busted and uptrend against the Yen is intact. We’re still doing better against the US dollar and Pound.

Against developing economies it’s worse:

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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.