Australian Dollar fall was due to hedge funds

Australian Dollar Rate Outlook

The precipitous fall in the Australian dollar was increasingly driven by the whims of financial market players, such as hedge funds, while "real" economic developments played a diminishing role, The Sydney Morning Herald reports citing the Reserve Bank of Australia. The plunging Australian dollar shocked markets last year when it toppled from within a whisker of $1.00 to almost 60 US cents, a move which few analysts had predicted. In new research, the RBA says that fund managers' balance sheet adjustments and their use of the dollar as a proxy for emerging markets have exacerbated the dollar's slump, the report says.

Pounds to Australian Dollars = 2.0300
Euros To Australian Dollars = 1.7800
Australian Dollars to US Dollars = 0.7800
Australian Dollars to New Zealand Dollars = 1.2690

Bye For Now

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