Excerpt from: Forex Forecast
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| June 19, 2008 | | Australian dollar and New Zealand dollar look strong for now | When looking at the down under currencies in the forex trading forecast, things are looking fairly strong. Bloomberg reports that the Australian dollar and the New Zealand dollar are finding success against the US dollar in currency trading:
``Investors have pared back long U.S. dollar positions and
this has underpinned commodities and the Australian dollar,''
said Sue Trinh, a currency strategist at RBC Capital Markets in
Sydney. A long position benefits from currency gains.
Part of the reason that the Australian dollar and the New Zealand dollar are doing so well is to do with their status as commodity currencies.
When commodities do well, commodity currencies get a boost ing FX trading.
| Topic Tags: Australian dollar, commodity currencies, currencies forex trading, down under currencies, forex trading forecast, FX trading, New Zealand dollar, US dollar currency trading | |
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