There’s no point repeating my full five drivers report on the Australian dollar today given little has changed. You can read it here. I wish only to add one observation on the last 24 hours of action.
Without any push for the RBA or Fed (if anything the pressure has been the reverse) or a rising US dollar(it was down too) the Aussie has taken a hammering, largely on yesterday’s disgusting data. The crosses tells the tale with widespread Aussie revulsion:
The last year has rarely seen this particular event unless associated with the iron ore price. The technicals are bearish, too, with a neat descending triangle formation:
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