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theflasherman

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Not surprisingly, the RBA has cut interest rates by 25 basis points.

Equally not surprising is that it is unlikely to make any difference.

Before the announcement, AUD had slipped to .5538, the lowest level since 2002.

After the announcement, it "rebounded" to .5555.

The forex people must have been expecting an even bigger cut.

Mick

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I am betting that the AUD has stabilised for now.

Around the 57 handle, 2 cents up from yesterdays intraday low.

We know rates won't go any lower (Aus will never have negative rtes).

The FED has allowed the RBA (along with a few other CB's) to participate on USD swaps to keep the money flowing.

The question is where the hell is it flowing to?

Maybe the supermarkets.

Mick

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  • 4 weeks later...

From that low of 55 cents on march 20 (barely three weeks ago). the AUD has climbed to a high oh 65.5, it has fallen 1.5% in a short time this evening.

It may well go down further as the US markets open.

it has no love - maybe the reports from the IMF that it will drop6.5% GDP this year was the trigger.

Means that gold is back above 2700 in AUD terms, something I rather like.

 

Mick

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  • 1 month later...

AUD now touching 69 cents. From that low of 55 on 22 March , the AUD has risen 26% isn a few weeks.

Pity about the exporters, but suddenly we are in favour again.

Can you feel the love?

Australia has set a record not seen since early 1970's, we have now had a trade surplus for 12 consecutive months.

Gold down 10% from its highs in AUD, but still a reasonable price.

This is despite a pandemic, potential trade wars breaking out everywhere, America tearing itself apart internally, and China asserting its power unilaterally.

Hate to see what would happen if a real crisis broke out!

Mick

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