Forex News AUD/USD could track "well below" 0.8500 by mid 2009, as key factors behind pair's recent surge start to run out of steam, says TD Securities economist Stephen Koukoulas. Notes hints that commodity cycle may have peaked, CRB index 6% lower in recent weeks, Baltic Dry freight rate index down sharply in recent months, and slowing global economy. Adds slowing China will also drag on G7 economies. "Demand for commodities is clearly waning." Draws parallels with previous slowing in Australia in 1990-91, when currency fell 15%, which TD suspects will be repeated again. Pair now at 0.9721, above New York session low of 0.9680.
0 comments:
Post a Comment