Archived IMT (2009.09.02)
Regardless of the outcome of the upcoming Australian Q2 GDP (1:30 GMT exp +0.6% from +0.4% q/q, Aussie extends losses even against the damaged CAD. The chart http://chart.ly/hc52bh manifests the dynamics of unwinding carry trades, especially as markets wind down expectations of a Q4 RBA hike. This rationale is similar to GBPNZD trade, with the higher yielder (NZD) set to underperform. Those who joined us late, read Sunday night's IMT on THE MOTHER OF ALL VOLATILITIES. Another thing, JOY strength could extend further as the NEW JAPANESE GVT will not formally take over until 2 week's time.
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