Austrailia/NZ
Formal Name: Commonwealth of Australia
Local Name: Australia
Local Formal Name: Commonwealth of Australia
Article from the Australian (Oct. 25, 2000),
By Stephen Romei:
TREASURER Peter Costello flew out of New York overnight, optimistic but with no guarantees of success, after four days of talking up the economy and dollar with influential US investors. Mr Costello said the decline in the dollar towards US50c was not justified by Australia's strong economic fundamentals, but acknowledged that the currency was hostage to market forces. Some analysts believe those market forces will continue to depress the dollar for several reasons, one of which is that currency speculators are making big money betting against it. President of momentum-based investment group TurtleTrader, said: Who cares if the economy is sound? The trend is down, so traders short the currency. It's that simple. Short sellers sell a commodity they do not own, buy it back when the price falls and pocket the difference. Momentum traders simply follow the trend -- up or down -- in a financial asset.
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