Sell Australia’s Dollar on Global Slump, Morgan Stanley Says
By Daniel at 7 November, 2008, 1:42 am
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By Candice Zachariahs
Nov. 7 (Bloomberg) — Investors should sell Australia’s currency against the U.S. dollar because it may lose 29 percent as it slumps toward a record amid a global recession, Morgan Stanley said.
The Australian dollar, which dropped 27 percent in the past three months, may decline toward its April 2001 low of 47.75 U.S. cents as investors dump the nation’s higher-yielding assets and retreat to the safety of the greenback, according to Ned Rumpeltin, a London-based currency strategist at Morgan Stanley.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aWL0i3nNe68w
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