Feels the AUD has changed its role in the world economy, central banks are diversifying into Norwegian kroners, AUD & singapore dollars and moving away from the US dollar. Probably because of our low debt, high interest rates and Swanny's promise to balance the budget, unlike the US.
The big question is what will they do if there's another GFC, hold or sell. Back in 2008 Japan drove the AUD down due to their carry trade but now so many countries have bought AUD's. What if they all sell at once....
Some central banks maybe taking a longer term view that our currency may appreciate further against the USD and eventually get to 1.20-1.50.
