Clifford Bennett from ACY Securities joined ausbiz TV to discuss the current state of currencies and what the forecasts are telling us. Clifford states that ‘it has been very easy to this point but we need to get back on our toes’ as we approach volatile levels in currencies. Individual central banks, governments, and some form of joint statement suggesting currencies need to stabilise is approaching.
If you missed Clifford’s forecasts last year they were EUR .97, AUD .65, GBP 1.05, and this year highlighting .88, .58, 1.00 and .95 respectively. On to the US economy, it’s looking like a clear direction towards a recession with massive evidence indicating it may be an inescapable depression.
Clifford links this to the governments and central banks not recognising the problems in the economy and therefore not taking any action to avert it. Clifford’s call is that there will be quite a significant economic catastrophe in the US and Europe. Domestically, we are not immune from this either and a recession is likely in Australia and Clifford remains bearish on equities.
Listen here for all the details with Clifford.
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