yes but a lot of that original rise was due to highly inflated prices for commodities. So even though it has dropped far, fundamentally things are not only no longer inflated but expectations for future global growth as well as for Australia specifically have deteriorated a lot, and they are already talking another 50basis point cut in Dec. That would mean a 225 basis cut in just a few months time. To me .55 AUD/USD would be a place to buy. But hey who am I to argue against a globe now awash in USD with not many places to go.....
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