97 cents falls to rampant Australian dollar

Wednesday, 23 October 2013

Dear God, Australian dollar is rampant, felling 97 cents like it wasn’t there:

On the longer term chart, we’re rising as fast as we corrected. The Commitment of Traders Report shows large and small speculators piling in, with oodles of room for more:

It’s no secret why. The US dollar is cratering on cancelled taper and in technical terms is only an inch from tumbling off a cliff:

Other undollar assets have found life. Gold is back:

On the crosses, it is not universally strong but is outpacing most commodity producers:

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.