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Sell Aussie as China Slowdown May Drop It to 84 U.S. Cents, Westpac Says

Date: Monday, June 28, 2010
Author: Bloomberg

Investors may benefit from selling the Australian dollar against the greenback as it may decline 4 percent as China’s economy slows, Westpac Banking Corp. said.

Investors should sell the so-called Aussie as it gains toward 88.15 cents, looking for it to drop initially to 84 cents, the Sydney-based bank said today in an e-mailed note to clients. They should exit the trade if the Australian dollar rises above 89 cents, it said. The currency traded at 87.51 U.S. cents as of 3:40 p.m. in Sydney.