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Australian Dollar's 20% Drop Isn't Over Yet

From bloomberg.com

Money managers and chart watchers are converging in their view that the more than 20 percent tumble in Australia’s dollar over the past year isn’t over yet. Harmonic Capital Partners and Deltec International Group are among those betting on further declines amid deteriorating commodity markets and a weakening Chinese economy. Technical analysts at Westpac Banking Corp. and CMC Markets Plc see risks the currency will slump toward 70 U.S. cents. “The current pressures go against the Australian dollar, so we are positioned for a continued weakening,” said Patrik Safvenblad, chief investment officer in London at Harmonic ... (full story)

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