Australian Dollar

The drover’s dog is short Australian dollars

David Llewellyn-Smith
Monday 16 March 2015
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Last week’s Commitment of Trader’s report threw up a new record for the Australian dollar. The whole world is short:

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Note the large and small speculators that drive the price, both are at all-time record short positions (available since 2005). This kind of extreme positioning has a history of coincidence with market bottoms…

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.