Just edged back from a recent days high of 1.0492, but have a feeling the grind may continue higher with EUR/AUD heading back to wards o/n lows around 1.2458.
Another story in Reuters this morning highlights the recent IMF data showing rapid growth in global reserves over the last 10yrs but the USD share falling back to around 62% as others have risen 10 times to around $310 bln. AUD and CAD stand out as 20 reserve managers , particularly Russian and Swiss, have been active buyers of both as they have been notable out performers through the global financial crisis, with analysts and fund managers reflecting as well on their sound banking systems .
(Asian , M/E and European Central banks have been steadily reducing their holdings of USD and JPY in preference for the AUD and CAD)
The IMF is planning to list both currencies as reserve currencies alongside the USD, YEN , GBP, Euro and CHF
AUD’s currently around 1.0482 with the EUR/AUD at 1.2470
