Look out below…
[chart via Finviz]
It’s coming to the close of trade in Sydney and London is coming online – the Aussie broke briefly below US80c this morning but quickly recovered.
But the break during this “twilight zone” nearing the Australian close and approaching the London open, and as the Australian finance world heads into a long weekend, suggests traders are having another look.
The falling Australian dollar helps the economy by making exports more competitive and the Reserve Bank of Australia has flagged US75c as a target. Most economists expect it to keep falling this year.
A short time ago the Aussie was at 0.7983.
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