To all the jokers out there calling for AUD of $1.22 and $1.50 you must be kidding...... These are the types of calls that are made by amateurs just before big corrections.
Do you have any idea of the damage that is currently being caused by a $1.06 fx rate to our economy and employment levels?
Our economy is not geared to survive on an FX rate of above parity and the examples to indicate this of failures over the past 12 months is clear and many more to come in 2012 and 2013.
How these big calls can be made when we are looking at RBA moving official cash rate down to 3% (the all time low) or below this year defies logic.
AUD will peak in the next week and half before rates decision on 7 Feb and it will be all down hill for quite a while from there until it gets back to its natural home of below 80c.
Believe the politicians spin all you like, but there is no chance we can propser with an FX rate above parity as it simply is fastracking unemployment.
Sell now or keep dreaming folks.
AUD Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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