Yep very interesting; when equity indices get pummeles like 2003 and other observations they rally for 12 months. the AUD rallied for 12 months from its october 08 lows and seems to have put in a significant top for now. I see March 2010 as a major high.. not overly convinced we have seen the high in this rally yet. I still prefer to be on the long side until 1/ companies that complete their widening of profit margins[staff cuts, unemployment 2/ companies ramp up inventories with bottom line revenue growth [ we are seeing this now manufacturing data is very good] - when this is complete come early 2010 3/ Fed to withdraw stimulus. Whilst stimulus is in the economy not entirely sure this is the top for now - manufacturing is ramping up production and building up inventories on less staff is also a concern for the bear theory.
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