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Australian Dollar Selling Off on Bearish Equity Outlook

Sunday, 29 March 2009 22:36:29 GMT | Luis Gil, DailyFX Research

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The Australian Dollar is trading down against its U.S. counterpart in the week’s initial trading session on expectations that stocks will sell off. For the last five months there has been a correlation of between 0.89 and 0.92 in the relationship between the AUDUSD and the nearest-expiring futures contract, the SPI 200, for Australia’s benchmark equity index, the S&P/ASX 200. Indeed, the SPI 200 is down 37 points, or -1.006% at 3640, indicating that stocks will sell-off at the opening bell.

AUDUSD traded through 0.6914, down .0028 from the open, at 18:36 EST.

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