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theflasherman

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Thought I saw it somewhere. ....from the AFR

 

flash crash in the Australian dollar pushed it to its lowest level against the US dollar since 2009 on Monday, as currency markets panicked over rising economic uncertainy from the coronavirus outbreak.

 

The heavy fall appeared to be sparked by movement in the Japanese yen, which rose quickly against the US dollar, igniting rapid movements across global foreign exchange markets.

 

The Japanese yen had been weakening slightly against the US dollar through the morning before reversing that decline just before midday.

 

That trade quickly gained momentum with the Australian dollar diving just before 12:30pm. The Aussie tumbled as much as 4.6 per cent to a low of US63.12Ãâہ¡ÃƒÆ’‚¢ in just over 20 minutes, its lowest level since March 4, 2009.

 

At the same time, the Japanese yen soared against the greenback...

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AUD v USD currently 6474.

Now firmly below 65.

Don't know how far it will fall, but i can't see anything on the horizon that will cause sentiment to rise in relation to the AUD.

Still surprised that PM's have not really broken out.

But the further this crash/correction/rebalancing goes on, the bigger the eventual rise will be.

No overseas trips for us this year, what with corona Virus, falling AIUD, and my SMSF falling every day.

Mick

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smashed thru the 60 cent barrier. Down to .5990.

Just how low can it go??

In the olden days, a falling currency signals inflation and rising interest rates.

Only change in interest rates is down according to the RBA

.Can't see much inflation on the horizon, especially with oil being crunched without obvious let up any time soon.

Good for exporters, not good for importers.

Beef exporters will be happy. Beef prices are sky high in Oz, but the prices are ameliorated by lower AUD.

No 2 son was going to buy some cattle this week, but with prices in excess of $4 a kilo, they were just to expensive for something that is just a sideline.

he says he will just keep growing hay instead.

Cattle will start to be rustled soon, saw it with sheep last year.

Professional mobs with dogs and trucks searching for isolated paddocks with stock in them.

Mick

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More overnight carnage.

We are now in full blown panic mode.

The AUD fe;ll nearly 4% at one stage to sit below the 58 handle.

Evryone wants USD, though I am blowed if I know why.

Gold and silver both smashed, but gold still closer to 2600 than 2500. Its been above 2500 pretty much the whole time since the panic started.

madness in the markets.

Mick

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