Monday night, we were fortunate enough to initiate a long position in the Australian dollar. I took a long, hard look at it before entering the position - on one hand, it had already been rallying strong and was afraid may be due for a pullback. But the fundamentals and technicals looked too good, so I closed my eyes and hit the Buy button.And now am glad I did, as the Aussie earlier rallied above the 75-cent mark! Here's the good word on the latest pop from my favorite currency analyst, Everbank's Chuck Butler:
But the Big Winner of yesterday and last night is the Aussie dollar (A$)... It's on a moon shot, since the Reserve Bank of Australia (RBA) left rates unchanged the night before, and issued a balanced statement afterward, with emphasis on waiting to see the affects of the previous rate cuts. The A$ got an additional boost this morning when it was reported that the unemployment rate in Australia fell for the first time in 8 months! The A$ is 75-cents and change this morning, heading to 76-cents... A 7-month high!
No comments:
Post a Comment