Scoreboard: Dollar suspense

Investors will be waiting nervously about the Federal Reserve's taper decision this week and its impact on the Australian dollar.

Friday’s session was about as unexciting as you can get, but I don’t think too many people care as it’s the season to be jolly! There are present lists, not market moves to be concerned with. With that in mind just note the major global indices were flat effectively with the major Wall Street indexes mixed around 0 /-0.1 per cent. It’s a similar story for the Australian dollar, which is up about 40 pips at 0.8964 or only a little above the Reserve Bank’s now explicit exchange rate target of 85 cents (which was first made explicit by Kim Carr in 2012, which suggests to me the target is in fact an arbitrary level picked by some lobbyist overlord). Otherwise there wasn’t much for commodities or rates.

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