DislikedAUD moves with the likes of Gold and Copper which is why is it called a commodity currency just like Crude oil and CAD (Canadian $) move together. Currently you have global inflation and since the value of the dollar continues to depreciate, you'd rather hold something that gives you a higher percentage return so you'll then look at the likes of AUD which gives you 4.75% vs 0.25% on the dollar. On top of that, their economy is better footed right now compared to our ballooning debt in the U.S. The China demand kept copper up which helped AUD, then...Ignored
The buyers have been sovereigns and CB's.
Asian CB's have been actively trying to weaken their ccy's as USD weakness prevails. So rather than buying USD they opted for Ccy's like AUD NZD and Euro higher yields..
When these guys unload .. Im hoping to be riding their waves..