I agree. There should be separate risk management for foreign currency exposures and underlying assets. I hope AIS has a currency hedging policy in place. Whether it has been good fortune or skill by management with regards to having alot of foreign currency exposures (ex the current AUD gold hedging in place) they should be seriously looking to book some profits. That is, start putting some forward hedging in place (LONG AUD/SHORT USD). At least have some staggered AUD/USD levels in place should AUD/USD capitulates from current levels. You don't need to do 100% hedging at once but at least have something. eg. Hedge 12.5% at $0.62 AUD/USD, another at 12.5% @ $0.60 and so on...
Looking at the weekly AUD/USD, the RSI looks oversold. But still has some more to go if we slowly grind down like this. The current AUD/USD downtrend is supported by risk aversion, technical, growth and interest rate differentials along with sentiment in favour of the USD. Valuation is not in play until it is.
+/- 20cents around AUD/USD 0.80 anything outside of this range valuation will be key... and management should look to take advantage if it.
Copper news, page-64
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22.5¢ |
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