Parity Soon

The AUD traded briefly over parity on Friday night. It got to 1.0004. Ben Bernanke was speaking and although cautious on the US economy announced no specific plans to further stimulate the economy. They are likely however to announce further Quantitative Easing at the next board meeting (Nov 3) and at this time, with the effect being to 'print money' the USD will drop and the AUD is predicated to move to a sustainable position above the USD.

The RBA Minutes for the October meeting are released tomorrow.