Au revoir Australian dollar safe haven?

The IMF has released its Commitment of Foreign Reserves (COFER) update for Q4 2014 and it registered a big fall:

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The 5.2% fall was the highest among all of the currencies tracked by the IMF but is roughly equal to the fall in value. I expect central banks to remain leery given the notion that a tiny and highly volatile commodity producer with a current account deficit is “safe” is about as useful as going long RIO for yield.

This is very good news.

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