Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (17049)	11/30/2004 11:11:54 AM
From: Wyätt Gwyön	Read Replies (1) of 116555

Australian dollar falls on record current account deficit that has been bothering me for some time now. last night the AUD got shellacked and traded down below 77. fortunately there was a bounce back this morning. i closed out my Aussie bonds today, bought in June with AUD @ 68.5, sold today with AUD @ 77.8. this was on the 6.75% of November 06. so currency gain was 13.6%, while interest gain was only about 3% (once you factor in the bond premium, since YTM was less than 6%). this is the same thing that happened last year: the AUD and NZD currencies booked several years of "interest" in the form of gains vs. USD (actually much more last year). so i did the same thing as last year: SELL.

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