As you probably know the RBAs dovish sentiment on interest rates and the GDP figure coming in under expectation didnt help the carry trade and thus the AUD was dumped for less riskier currencies. The lower AUD will help our resources exports and help Australian resource companies shore up any losses on their balance sheets, due to the recent higher AUD price.
Looking at the spot gold futures contracts, the shorts are building up over the next couple of weeks due to rising bullion prices, which doesnt help the AUD cause.
21/12/09-24/12/09
AUD weekly CR-0.8992
AUD weekly CS-0.8809
GOLD weekly CR-1124.90
GOLD weekly CS-1101.50
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