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Buying Australian Dollars Is a Phenomenal Trade, UBS Says
A slowing US economy and brisk growth in Australia will trigger a rally in the Australian dollar to levels last seen more than a year ago, UBS Group AG’s head of currencies in Asia said. After rebounding from a two-year low set last month, the Aussie could rise 11% from that level to as high as 76 US cents by the end of December. The Swiss bank sees potential for the currency to climb to 78 US cents by the end of the first quarter next year. “The one trade I would love to do is being long on the Australian dollar -- I still think it’s a phenomenal trade,” said Dominic Schnider, head of commodities and Asia ... (full story)
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