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From Dumbfax:
Asia’s wealthy, anxious as many of their local currencies depreciate, are increasingly lured by the resilience of the Australian dollar, says UBS, the world’s largest private bank.
The Aussie strengthened against all but one of 12 major Asian counterparts since September 30 on signs the RBA won’t cut its benchmark interest rate beyond its record-low 2 per cent amid a revival in the jobs market. China’s slowing economy and slumping commodity prices have also weighed on the region’s currencies.
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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.
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