The Australian Dollar Since hitting a low of $US0.5530 on 28 August, the AUD has recovered by over 17% to a high of $US0.6480 on 19 November. Several factors have been at work to boost the A$ against the $US over this time. · The RBA supported the A$ in late August-early September, as documented in the Semi-annual Statement of Monetary Policy (Nov 17, 1998). · A sharp weakening in the $US against the Japanese yen during September-October from 140 to a high of 113, settling into a 118 - 122 range. · Foreign (hedge fund) purchases of A$ in September-October to reverse previous 'short' A$ positions. · More recently, there have been broad-scale A$ purchases on the back of (1) Australia's economic growth outperformance combined with (2) the absence of an RBA interest rate cut (despite easings from the US Fed, Bank of Canada and the N....

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