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AUSSIE DOLLAR REACHES PARITY WITH US... The Aussie Dollar is the best example of a high-yielding currency attracting a lot of money. After the Aussie central bank hiked interest rates this week, the XAD hit a record high and reached parity with the U.S. Dollar (Chart 10). The Aussie Dollar is also benefiting from rising commodity exports (especially to China). The Aussie dollar gets a double boost from a weak U.S. currency and rising commodities. Interestingly, the Aussies (along with other Asian countries) are starting to raise rates to slow inflation at the same time the U.S. is lowering rates to create inflation. At the moment, however, we have little choice but to follow the trend of foreign currencies (and stocks) higher and take advantage of those trends for as long as they last.

(click to view a live version of this chart)
Chart 10