Harsh climate suits Aus FX
"Banks have been deleveraging five to six years of carry trades within about one to two months for their clients, and this has granted them more business in recent months," said Stephen Jani, head of FX sales at JP Morgan in Sydney.
He added that the Australian dollar is typically used as a proxy hedge for commodities, equities and emerging markets for a lot of investors. "With a forecast decline in economic growth for emerging markets predicted over the next 12 to 18 months, banks are busy
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