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  • Who's Keeping the Aussie Aloft?

    From cnbc.com

    Read Full Story at cnbc.com

    The Australian dollar has a lot going for it: a top tier credit rating, more than respectable yield for a triple-A country, and a resource-based economy with big ties to China. What it doesn't have is a central bank propping it up. Business conditions in Australia deteriorated to financial-crisis levels, thanks partly to the strong Aussie dollar,[AUD=X 1.0328 -0.0046 (-0.44%) ] and the Reserve Bank of Australia increased reduced its relative holdings of Australian dollars in October after net selling in September and August, says Todd Elmer, head of G10 currency strategy for Asia ex-Japan at ... (full story)

    • billv

      649 posts
    • My plan is to keep buying the AUD on dips and to build up a sizeable position.
      Australia has a lot going for it, it is expanding business with Asia and is also turning into an energy producing country

    • sidhujag

        3,745 posts
    • careful with long term aud bull call... its actually at a major top here within next 6 months.

    • Guest

      IP XXX.XX.174.211
    • Quoting billv
      My plan is to keep buying the AUD on dips and to build up a sizeable position.
      Australia has a lot going for it, it is expanding business with Asia and is also turning into an energy producing country
      buy next month, check the monthly chart

    • realjumper
      realjumper's Avatar

        11,239 posts
    • Aussie mining is declining now, and this has been a major source of income for Australia. I would be very careful about long term bull calls......

    • jaygee

      1,992 posts
    • i would say buyers are keeping it aloft. aud/usd bounce off the 50 fib and mounted the 4h200. might get a little traction here.

    • mmforexinfo

      60 posts
    • Only the government think that a strong dollar is good for the country. Because of that they are killing the business. Just have a look on the market. Very few jobs and the mining sector is agonizing. Big companies like Vale are already selling their participation and leaving the country which results more unemployment. Japan is trying to lower his currency to become more competitive and here we are doing the other way around. Wake up before we dive in a recession "we don't have to have!!"

    • Silat50
      Silat50's Avatar

      351 posts
    • mm, you hit it right on the head! But.....are they that stupid that we know better or...is there private interests that are manipulating things behind the scene. For all we know China and the Arabs are so flooded with US bonds, they might be buying tons of aussie currency just to diversify. If so, the aussie could go up for another 6 months or longer, no?

    • mmforexinfo

      60 posts
    • Silat50, I have to agree with you and your comment only shows how those people leading this country care about their people. If the unemployment rises, if the basic services fails to attend us it is just a detail. Ford is closing down, Medicare is about to break, to simulate a low inflation just remove few indicators from the formula and then go to any TV show or news and keep saying "we are on surplus".
      One they I will make their economic mathematics works for my financial life...so far I keep counting my coins to make another day.

    • Silat50
      Silat50's Avatar

      351 posts
    • MM, I used to hate the rich people that always said it but in the U.S great depression of 1029, Bernard Baruche, Rockefeller and other clear headed men of vision were quoted even back then to say "Misfortune is a terrible thing. But if it happens, you can bet money, someone is getting rich because problems create opportunity." They went on to talk about shrewd people who borrowed money from relatives to buy houses on the cheap, a new $2000 car could be had for $500 and of course those who shorted the stock market became millionaires. So yes, lets pray Everything stays whole...but if it does not, the greatest crime is not to take advantage of it. Then you lose both ways. Ive traded thru 15 yrs of Forex and futures charts and 3 Fed Chairmen. Trust me,the end isnt coming for a good while yet, you still have plenty of time to put a little speculating egg together for yourself. You'll do fine. -) I know a kid who bought one gold coin a month starting about 16 years ago when gold was $370 an ounce. He would buy either a full ounce or a quarter ounce coin, whatever he could afford. Never missed a month in over 10 years!Then he bought bags of junk silver coins when even dealers were selling them below par value! Dont ask me what this guy is worth today. You'll get sick! He had no great brain, just patience to wait and wait. If he got rich from a $370 investment in 16 yrs, why not guys like us?

    • mmforexinfo

      60 posts
    • Very true, Silat50. I am pushing myself to improve my skills so I will get at one point that wouldn't make difference if the economy is good or bad, I will find my way to profit from it. I have been trading Forex for the past 2 years so a lot to learn yet but I will get there. All the best to you.

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