Since May we have been riding the Aussie dollar to the downside

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Aussie Dollar - since early May we have been riding this short with a target of .85.  After a wicked break today (-2%), we are in sight.

Image courtesy Stephen Gibson: http://www.photoxpress.com/search-stock-photos-photographer/Stephen+Gibson/326772 What happened?

Today's lynchpin was pulled when RBA Governor Glenn Stevens more or less told you they are interested in seeing the currency go lower.  He also said "events elsewhere will have bearing on AUD level".  Rates continue to be guided lower and the 3-6 month commodity price delayed impact on the Aussie ( FXA , quote ) economy is playing out.

Stevens went on to point out the obvious that a drop in resource investment also means things don't get better here anytime soon.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , International , Stocks

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