The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."
Thursday, July 19, 2012
RBA and the currency...
** The RBA sold a net $A1.256b in June, over and above the Bank's average net selling of around $A450m per month.
** Note that the end of the financial year for Australia is June, and many offshore bills are settled by the Bank (on behalf of the Government) on a financial year basis. Hence the RBA is merely settling more/heftier "bills" on an annual basis, i.e. it's a seasonal event. See chart below, with June spikes in purple.
** Hence this little note is to merely remind AUD watchers that the hefty headline does not mean the RBA "intervened" in the AUD in June.
** However regular readers may recall I wrote about the "RBA intervening by stealth" back in April, when it was clear that the RBA sold more than usual in March ($A944m, red bar in chart). Hence these monthly transactions are worth keeping an eye on..