MacroBusiness Radio: Greg McKenna on the AUD

See the latest Australian dollar analysis here:

Macro Afternoon

Today we continue our podcasts with Greg McKenna, AKA Deus Forex Machina, talking with Gunnamatta about the Australian Dollar, where it could be going and what the average Australian can do as we revert from a permanently high “safe harbor” dollar to one possibly below parity for a long, long time….

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  1. Thanks guys, again these podcasts are the way to go.
    Re buying other currencies..about 2 years ago when I was importing some stuff I needed to lock in some USD. After checking out the costs etc with CBA n WPC I found out that I could open up a USD account with HSBC at no cost except for the fact that the account earns nil interest. All I do is have cash in a savings account and When I want to buy USD I just do it online at no additional cost.
    I believe that I can if I choose have up to 3 or 4 different currency accounts.
    So now I am thinking of buying some more USD and maybe open up one for GBP as I travel to the UK quite a bit.
    I’m not currency trading as I agree with Greg’s advice that it is too easy to get burnt if it is not ones area of expertise.

    • Yeah I have one of those HSBC accounts in USD and think it is a godsend. I couldnt believe how much hassle it was to get a USD account in Australia.

      I had come from Russia/Europe – in Russia you can walk into basically any bank going an open an account in USD, RUB, or EUR – and you can alternate between them on basically any street.

      It is something I would think there could be demand for here. More international currency accounts.

    • rob barrattMEMBER

      I’ve got a a fair bit of cash that’s in AUD deposits (as a result only of my great age and unexpected events..) and I’m now wondering which way to jump. More of it!

  2. Thanks for that great podcast guys. Really impressive, keep it up. Really worth the yearly cost of membership to have these extra reports.

  3. About to listen to this but if you boys keep going like this, you are going to run out of steam on these things.

  4. Thinking about what the “average” Australian can do to hedge an expected depreciation in the AUD…

    I think that a significant proportion of the Australian population has family or other obligations off-shore – whether they be locals who have married outside Australian citizenship, or temporary workers seeking to repatriate funds.

    I expected to hear DFM suggest that a hedge would be to maintain a reasonable cash reserve in whatever economy they expect to discharge those obligations or visit over the foreseeable future.

    That’s what I’ve done and I have also brought forward some significant capital expenditures – replacing computers, upgrading O/S software etc.