The commodity story remains very positive for Australia. Relative to commodities prices the Australian dollar isn't overvalued.
More Quotes from Harvinder Kalirai:
If manufacturing is recovering from this drag on growth, which is already strong, it is probably going to raise some concerns at the Fed.Harvinder Kalirai
With the Fed stopping, and policy elsewhere in Europe and Japan going in the opposite direction, it should be relatively positive for the euro and yen.
Harvinder Kalirai
The trend is still toward wider deficits, so this is a concern for the U.S. dollar. I continue to forecast it lower.
Harvinder Kalirai
High commodity prices are boosting Brazil's terms of trade and leading to record trade surpluses. A favorable external backdrop and still high real interest rates should support the Brazilian real.
Harvinder Kalirai
We're starting to see positive signs that the Japanese business cycle may be moving around. The dollar-yen should trade lower in coming months.
Harvinder Kalirai
We did expect a sharp deterioration of the trade balance. The real story on the trade numbers is that the import surge reflects very solid domestic demand.
Harvinder Kalirai
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