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How to trade the vulnerable Aussie Dollar
There are numerous fundamental pressures pointing to further declines in the Australian dollar. That's according to John Hardy, Saxo Bank's Head of FX strategy. In fact it's being described as a "make or break" week for the Aussie and the currency could well drop below 90 cents against the Greenback.
Concerns the RBA could cut rates, commodity price drops, unemployment figures, worries about China, they're just some of the issues pointing to an Aussie downside. Traders are also waiting to hear what Fed Chairman, Ben Bernanke, might say about the future of QE and the dollar in an important speech later this week.
John Hardy says it's quite difficult to trade the Aussie short term right now. Here he gives advice as to how to position yourself.
01:25 minutes
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