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The Australian Dollar
Since hitting a low of $US0.5530 on 28 August, the AUD has recovered by over 17% to a high of $US0.6480 on 19 November. Several factors have been at work to boost the A$ against the $US over this time.
· The RBA supported the A$ in late August-early September, as documented in the Semi-annual Statement of Monetary Policy (Nov 17, 1998).
· A sharp weakening in the $US against the Japanese yen during September-October from 140 to a high of 113, settling into a 118 - 122 range.
· Foreign (hedge fund) purchases of A$ in September-October to reverse previous 'short' A$ pos ....
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