Aussie Clawing Back Worst Loss Since 1985 Confounds
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The Australian dollar’s rebound from its worst plunge since 1985 is proving so strong that strategists the world over are having a hard time keeping up with the gains.
While the median year-end estimate for the Aussie in Bloomberg surveys of more than 50 analysts has risen to 90 U.S. cents from 86 cents in February, that’s still below its level of 94.09 cents today. Goldman Sachs Group Inc. raised its forecast yesterday. The currency has strengthened 5.4 percent this year versus a basket of the greenback, euro, yen and six other developed-nation peers, following a drop of 13 percent in 2013, Bloomberg Correlated-Weighted Indexes show.