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From Westpac’s Robert Rennie:
A$ ‘fair value’ midpoint at 0.61 which is fresh 19yr low, driven by sharp falls in Australian commodity export prices inc met coal down 26% in April; thermal coal down 22%.
This means above 0.6350, the A$ remains expensive to fair value for first time since April 2018. #ausbiz pic.twitter.com/NNTmlFg3qU
— Robert Rennie (@Robert__Rennie) May 3, 2020
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.